UDVMA and Utah State Treasurer launch campaign to encourage Veterans to claim lost or abandoned assets

In News by Taylor Ricks

Salt Lake City (Nov. 2, 2022)  — The Utah Department of Veterans & Military Affairs (UDVMA) and the Utah Office of State Treasurer have collaborated in an effort to return lost money to Utah Veterans.  Each year, the Unclaimed Property Division of the Office of State Treasurer receives tens of millions of dollars of unclaimed property belonging to Utahns. Records indicate that nearly 22,000 Utah Veterans could potentially have assets to claim. 

When a business owes money to an individual it cannot find, it remits those funds to the state’s Unclaimed Property Division after three years of non-contact with the owner. Last year, the division received 503,648 unclaimed properties totaling $66.7 million. Unclaimed property comes from sources like dormant bank accounts, overpaid medical bills, uncashed checks, safe deposit box contents and unpaid insurance benefits.

“We strive to serve and support Utah Veterans in any way we can,” said Gary Harter, executive director of UDVMA. “This joint effort with the State Treasurer’s Office has the potential to benefit thousands of Veterans and their families and we are excited for its success.”

“Our Veterans, service members and their families have sacrificed so much. Helping them find their unclaimed property is one small way we can thank them for their service,” Treasurer Marlo Oaks said. 

Unclaimed Property Division Administrator and Navy Veteran Dennis Johnston said, “Having been on deployment myself and knowing how things can go awry, we want to get this money back into the pockets of our service members and veterans, particularly this year when people are economically challenged.” Johnston added, “Veterans likely have a higher percentage of unclaimed property. Service members tend to move more frequently than civilians and are consequently more likely to have a check mailed to an old address or have money forgotten at an insurance company, utility or bank in a state they have since left.”

In recognition of Veterans Day, UDVMA and the Unclaimed Property Division will reach out to Veterans individually and through a larger awareness campaign throughout the month of November. Veterans will be encouraged and instructed to visit www.mycash.utah.gov, Utah’s official site for unclaimed property, to find and claim what is rightfully theirs.