Trusted by more states than any other system, Avenu’s Unclaimed Property Solutions provides administrators with a suite of comprehensive tools to unite owners to unclaimed property they didn’t know they were missing. We were happy to learn about the success that Arizona’s program is having and their recent campaign to unite military personnel to their unclaimed property.
Every year, the Arizona Department of Revenue’s (ADOR’s) Unclaimed Property program returns millions of dollars to claimants, including $42.5 million in 2019-2020. This year, right in time for Veteran’s Day, ADOR started a campaign to search for 14,000 military personnel and unite them to properties that total $7 million.
Much of this property belongs to military who were not permanent residents of Arizona but temporarily stationed at a military base. The agency has identified more than 14,000 military personnel with last known Arizona addresses from several military locations including; Camp Navajo Army Base, Fort Huachuca Army Base, Luke Air Force Base, Tucson’s Davis-Monthan Air Force Base, Yuma Proving Ground Army Base, and Marine Corps Air Station (MCAS) Yuma.
Some dating back over 30 years, these properties total $7 million, with the largest property due to a single owner totaling $136,217
Currently, military members with large properties will receive a notice with the goal being that the property owner or family member will contact ADOR’s Unclaimed Property Unit.
Unclaimed property generally consists of money due to an individual from sources like old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits, and dormant safe deposit boxes. Often, the company holding the funds has an outdated or the wrong forwarding address for the customer, and in some cases, a person passes away with no family members aware of the assets. Most accounts are turned over to the state after several years of inactivity.
ADOR returns the property to owners who provide documentation showing their right to claim the assets. Claimants must include a valid photo ID and documentation linking them to the owner’s last known address with their ADOR Claim Form. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.
In the past three fiscal years, ADOR returned roughly $155 million to individuals and businesses.