Hawaii unclaimed property division holds more than $130 Million. Unclaimed property program of the state was inflated by $10 million in past years to $130 million because of forgotten checking accounts, stock certificates, deposits and other items. The increase was seen even though the state returned $4.2 million to more than 6,100 people. On a national scale, at least $32.8 billion are being held for owners by states and the District of Columbia. The National Association of Unclaimed Property Administrators announced last year that more than 1.9 million claims worth at least $1.7 billion were paid out to legal holders. In general, the ignored money is made up of unclaimed checking and savings accounts, checks not cashed and contents of safe deposit boxes. The State of Hawaii has increased its outreach efforts, following on in $9.3 million being returned to about 14,400 people during the 2006-2007 fiscal years. However, during fiscal year of 2004-2005, $6 million were given back to 8,900 people. Out of majority of the potential sources of the particular State’s funds, the Department of Budget and Finance enlists the most common kinds as dormant; no activity for five years checking and savings accounts, un-cashed checks, stock certificates etc.
According to the Unclaimed Property Act of Hawaii, the unclaimed property is kept until it can be given away to the legal owners or heirs. Holders of deserted property should report yearly by November 1st for the fiscal year ended on 30th June. The particular state advertises property valued at $100 and over by March 1 every year. Any property or money not claimed by 1st May goes under the custody of the state. The particular state needs owners of unclaimed property to have numerous supporting documents to verify if they are legal owners of the property, and to prove that they indeed lived at the last acknowledged residences listed in the records. Therefore, if you are going to collect lost money in the state of Hawaii, keep records as carefully as possible, or the experience of taking back your money may be more of an annoyance than it’s worth. In 2008, the state of Hawaii took $25,040 in its custody as unclaimed property. In the same fiscal year, the particular State paid $95,744 in claims and $289 Thousand held by the State may seem like a small number compared to several other states.
How to Claim Unclaimed Property
You can perform an online search for locating Unclaimed Property that already has been sent to the State for custody. Moreover, the property that is about to be sent to the state by a business (as required by law) can also be searched. You can perform a search for unclaimed property through online database maintained by Hawaii Unclaimed Property Division. The online database provides three options for searching unclaimed property.
The database will ask you to key in the first or last name of an individual or Business name. Once you fill all search fields with appropriate information, the database would return you with Prop ID, reported owner & co-owner, location, reporting company and cash shares. Clicking on the Prop ID would take you to the form to be filled in order to generate a claim form. On the other hand, you can also send an email to email@example.com; email should include name, address, Social Security Number; the owner’s current name, current mailing address, current daytime telephone number, e-mail address (if any) and a justification of why the owner is liable to the property.
Dept. of Budget & Finance
Unclaimed Property Section
PO Box 150
Honolulu, HI 96810-0150
Contact in person: The Unclaimed Property Program is situated at;
250 South Hotel Street
No. 1 Capitol District Building