Credit: (Giorgio Trovato via Unsplash)

New Jersey returned what officials say is a record $202.95 million in assets to rightful owners in the 2023 fiscal year.  

About 74,000 claims were filed with the agency that manages unclaimed property, the Unclaimed Property Administration. The state assumes control of financial accounts that have been abandoned or lost for three years. Unclaimed property can include bank accounts, utility deposits, insurance payouts and even physical property, according to the state Department of the Treasury.  

The agency says the number of claims in the 2023 fiscal year far surpassed claims made in the previous fiscal year, when $164.13 million in assets were returned through 50,867 claims.  

Almost 33 million people in the U.S. — 1 in every 10 — has unclaimed property, like financial accounts or items of value without ongoing activity for a few years, according to the Treasury department. When that happens, and the company cannot locate the owner, the money or properties are submitted to the state. Common examples include unpaid life insurance benefits, forgotten bank accounts, utility deposits and unused rebate cards. 

How to claim 

The outreach team for the Unclaimed Property Administration focuses on reuniting owners with their abandoned property through various initiatives, including mass mailings and media campaigns. According to Treasury, last year more than 24,000 people were reached through these initiatives.  

“Every year we try to improve upon the previous year’s total returned, and our team worked very hard to reach people and organizations we may not have reached in the past,” said Unclaimed Property Administrator Steve Harris. 

While certain third-party companies charge a fee to connect people with their assets, searching UPA’s database and filing a claim is free and secure on the state’s website. Once approved, the asset is returned to its rightful owner with interest. 

Anyone can search for their name on https://www.unclaimedproperty.nj.gov/ or www.unclaimed.org/ for free to determine if property belonging to them is being held. People are encouraged to search their name, a maiden name or the name of a business or nonprofit.