Have you ever moved or changed occupations? For most people, I’m sure the answer is yes. Such circumstances can deliver very exciting opportunities in your life, including buying a new house or landing your dream job. For some of you, both of these events may have happened at the same time.
During the transition presented by your life-changing opportunity, however, some important details may have gotten overlooked. Did you notify the HR department at your previous job about your new address or employer? What about the utility providers or financial institutions you have used? If not, you may come to realize years down the road that you never received your last paycheck, collected your electric security deposit, closed out a rarely used bank account, or even transferred your employer-sponsored retirement account to your new company.
If any of these scenarios describe you and you are a current or former resident of Oklahoma, do not fret. There’s a chance your lost funds can be found at the state’s unclaimed property office.
Originally established within the Oklahoma Tax Commission, the duties of administering Oklahoma’s unclaimed property program were transferred to the State Treasurer’s Office beginning in 1999. Since that time, the Unclaimed Property Division at the Treasurer’s Office has accumulated over $1 billion in abandoned assets and more than 800,000 unique properties. The functional purpose of the Division is to act as the custodian of these properties and return any missing money to its rightful owner or heir.
The easiest way to find out if you have any unclaimed funds reported to the state is by going to the Unclaimed Property Division’s website at OKTreasure.com and doing a database search with your name. You can then initiate a claim for any properties you think may belong to you. During the claims process, appropriate verification would need to be provided to ultimately get the claim approved and the funds returned to you.
If you don’t see your name listed on the website, the property you are looking for may not have been received yet by the State of Oklahoma. According to administrative rules and statutes, companies that report unclaimed properties, or holders, generally have one to seven years to submit the funds to the Unclaimed Property Division. The time limit depends on the type of property being reported. If the Division doesn’t have your missing money, try contacting the holder directly.
For those who have lived in more than one state and are curious about any potential lost assets outside of Oklahoma, there is no need to track down the unclaimed property programs of other states. In partnership with the National Association of Unclaimed Property Administrators, of which Oklahoma is a member, a national property search website has been established at MissingMoney.com, where you can make multiple claims in multiple states. This resource is very helpful for military families that often relocate every few years.
Even if you have lived in the same home your entire life, sometimes items get misplaced through no fault of your own. You may not have noticed that your monthly royalty check once got lost in the mail. Therefore, my message to all Oklahomans is to visit OKTreasure.com and find out today what money you may be missing.
