$2.3M in unclaimed funds for military members serving in Arizona

Posted 11/11/19

More than 8,800 military members may be missing out on roughly $2.3 million in unclaimed funds from when they were serving in Arizona.

According to a release from the Arizona Department of …

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$2.3M in unclaimed funds for military members serving in Arizona

Posted

More than 8,800 military members may be missing out on roughly $2.3 million in unclaimed funds from when they were serving in Arizona.

According to a release from the Arizona Department of Revenue, its Unclaimed Property program is looking for members of the U.S. military who have unclaimed funds in their names from when they were based in Arizona.

The ADOR has identified more than 8,800 military personnel with last known Arizona addresses from Luke Air Force Base, Tucson’s Davis-Monthan Air Force Base, Fort Huachuca Army Base, Yuma Proving Ground Army Base, Camp Navajo Army Base and Marine Corps Air Station Yuma.

"These are men and women who served our country or currently active duty who have forgotten they have an old bank account or tax refund or not aware of a rebate or dividends in Arizona they are entitled too," said Ed Greenberg with the ADOR. "There is also a possibility that the funds belong to a veteran who sadly has passed away and family members may not be aware of the property. "

According to the release, these properties, some dating back over 30 years, total $2.3 million with the largest property due to a single owner being $86,034.

The ADOR is sending notices to the military member’s last known Arizona base or most current address with the hope the property owner or family member will contact ADOR Unclaimed Property.

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 Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer and in some cases, a person passes away with no family members aware of the assets.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.

The ADOR returns the property to owners who provide documentation showing their right to claim the assets. Claimants must include with their claim form a valid photo ID, such as a driver’s license or other applicable identification, and documentation linking them to the owner’s last known address. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.

Ever year, according to the release, the ADOR Unclaimed Property program returns millions of dollars to claimants, including $48.4 million in 2018-2019 and ranging from $1 to $586,000. In the past three fiscal years, about $170 million has been returned to individuals and businesses.

Click here for more information on the Unclaimed Property program, including how to make a claim and frequently asked questions. Once at the site, click the Unclaimed Property tab.

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