In the State of Arkansas, property of worth more than $100 million is just waiting to be claimed by their legal owners. The number of owners having unclaimed property is more than 240,000. It’s estimated that ten percent of Arkansas residents have unclaimed property. In order to claim these unclaimed funds they are required to put a claim for their unclaimed property.
Reasons Property Can Become Unclaimed
As time passes, people lose track of their assets because of the change of address, change in name (i.e. Marriage), death, or plain forgetfulness. At the same time, businesses also can be owed unclaimed money from deserted assets brought about by lapses in their record keeping during the course of operation. In addition, more than $18 million is sent to the Arkansas unclaimed property division fund every year.
According to the NAUPA, (National Association of Unclaimed Property Administrators), unclaimed property can be referred to accounts in financial institutions and companies that have had no activity or contact with the owner for one year or a longer. Common forms of unclaimed property contain savings or checking accounts, stocks, un-cashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
Every year, millions of dollars in unclaimed property including but not limited to un-cashed checks, bank accounts, utility deposits, and stock certificates are turned over to the State by companies who cannot find the owners under Arkansas unclaimed property statutes. The Auditor of the State works as the state’s general accountant and keeps the financial records for the office of the auditor.
How to Claim Unclaimed Property
In Arkansas, annual lists of new owners of unclaimed property are also published in newspapers as well as booths set-up at state fairs to perform online searches for getting details on unclaimed property you may have. You can file a claim for unclaimed property if it has been sent to the State for custody. The property that is ready to be sent to the State by a business as required by law can also be searched. Online searches can be performed through online databases of unclaimed property. Unclaimed property of the State of Arkansas is kept and protected by Arkansas Unclaimed Property Division. The online database requires that the last name be provided to perform a search. Key in the last name; and get the details showing if you are a legal owner of any unclaimed property in the State of Arkansas. The database would provide you details on name, address, city and holder.
You would be provided with a claim form you can print out in the case you are a legal owner of some unclaimed property in the custody of Arkansas Unclaimed Property Division . Click on “Print a Claim Form”; fill in the fields with required information and get a notary signature on the printed claim form. Complete the claim form by all means and send it to following address along with complete documentation required, such as driver’s license, death certificate etc.
Division Auditor of State
1400 W. 3rd St., Suite 100
Little Rock, AR 72201-1811
Moreover, you can also contact the particular department of unclaimed property by calling at (501) 682-6000, (501) 682-9174 or 1-800-252-4648.