What is Unclaimed Money in Arizona?
Cash or other assets that guardians were unable to properly distribute to the rightful owner for a while are referred to as unclaimed money in Arizona. Inactive stocks, returned deposits, dormant savings accounts, court monies, royalties, income-tax refunds, and estate revenues are a few examples of unclaimed property.
After a statutory dormancy period of three years, the financial organization in charge will pass over the unclaimed assets to the state government if a property owner cannot be found. From the time a financial institution reports an unclaimed asset until the state decides to take ownership, this process takes place. Escheatment is the process of transferring property to the government.
The Department of Revenue in Arizona is in charge of overseeing unclaimed funds. Arizona Unclaimed Property Law states that the state will only release an unclaimed asset to anyone who submits claims with documentation of ownership or relationship.
How to Find Unclaimed Money in Arizona
The Unclaimed Property Unit of the Arizona Department of Revenue maintains a database that is open to the public and allows residents of Arizona to look up unclaimed funds. Every month on the first, a new version of this online database is released. Entering a first name, last name, or business name in the available search box can allow users to find unclaimed money.
Alternative methods for contacting the Department of Revenue include calling (602) 255-3381 or going in person to the following address:
- Department of Revenue of Arizona
- Unit for Unclaimed Property
- Monroe Street, 1600
- Scottsdale, AZ 85007
How Can I Get Free Access to Arizona Unclaimed Funds?
The Unclaimed Property Unit provides a free and public internet repository that is accessible to everyone. Additionally, some federal agencies hold onto the unclaimed property for a brief period of time; these offices have searchable databases under their control. Arizona residents can browse the government’s list of unclaimed funds by searching this database.
The National Association of Unclaimed Property Administrators, the United States Treasury Department, and U.S. Courts for unclaimed bankruptcy monies are some federal organizations in charge of unclaimed property. These federal agencies collaborate closely with the state of Arizona’s administration to find unclaimed property owners.
How to File a Money Claim in Arizona
Those who discover their claimed funds on the state’s database must submit a claim. They will need to fill out a claim form and submit genuine documentation of their ownership, such as a clear copy of a government-issued photo I.D. or a notarized signature on the claim form. They must also present documentation of their Arizona residency as well as their Social Security number. It is optional to give your Social Security number, although it can be sufficient as proof of ownership.
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The claimant must mail the necessary paperwork to:
- Department of Revenue of Arizona
- Unit for Unclaimed Property
- P.O. Box 29026
- Arizona 85038-9026 Phoenix
How Long Does It Take to Get Unclaimed Money in Arizona?
After receiving a postal request, the Unclaimed Property Unit will respond to a claim within the first 14 days. The requester may then have to wait up to 90 days before receiving the claimed assets. Usually, after 120 days, monetary and stock claims are released to the owner.
After this time, claimants can always get in touch with the Unclaimed Property Unit customer service to inquire about the status of their claims. The phone lines are open Monday through Friday from 8:00 am to 5:00 pm.
Phone: (602) 364-0380
Call (877) 492-9957 toll-free.
Only international calls and calls with the area codes 520 and 928 are accepted on the toll-free line.
You can email the Unclaimed Property Unit as well. For inquiries regarding claims, interested parties may also write to the customer service staff.
In Arizona, who is eligible to collect unclaimed money left by deceased relatives?
Arizona unclaimed funds from deceased relatives may be claimed by heirs, living relatives, executors, and court-appointed probate administrators. Requesters must fill out an affidavit form and submit important documents proving their relationship to the deceased. Forms will only be handled by the Unclaimed Property Unit if all pertinent questions have been addressed.
In Arizona, an heir may transfer their rights to another heir who will follow them in line. They must state their intention, select option 3B on the affidavit form, and mention the heir’s name in order to do this.
What Happens to Unclaimed Money in Arizona if No One Claims It?
Arizona law states that the state can only hold onto the unclaimed property as a custodian up until the rightful owner claims it. As a result, the Unclaimed Property Unit is unable to claim ownership of the item.
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