Join now!   |   Subscribe   |   Your Cart   |   Sign In
Unclaimed Property Focus
Blog Home All Blogs
Search all posts for:   

 

View all (344) posts »

UPPO Survey Examines State Unclaimed Property Return Rates

Posted By Administration, Thursday, November 7, 2019

State unclaimed property officials often promote their goal of reuniting citizens with their property. They use a variety of tactics to educate the public about unclaimed property and encourage people to search their unclaimed property databases. They perform their work under a patchwork of laws and policies that vary by state.

 

The Unclaimed Property Professional Organization Claimants’ Representative Committee is examining how these laws and other factors affect unclaimed property return rates. Its objective is to apply a data-driven approach to identify, organize and share existing laws and policies that maximize reunification while preserving balanced consumer protection.

 

The committee’s first step was establishing individual state return rates. Using data gathered through a Freedom of Information Act request, the committee reviewed the total dollar amount of unclaimed property received and paid annually for fiscal years 2013-17 from all states. The following return rate results are organized into four descending groups of 12 states each by percentage returned. The states within each group are listed alphabetically and do not reflect any return rate order within the group.

 

Three states – Indiana, Nebraska and Wisconsin – are not included in the following results. Their committee is reviewing the methodology used by the states to determine their results, which varied significantly from the other states, making them subject to question. 

 

Group #1

Average Return Rate: 48.25%

Return Rate Range: 58.75% – 43.14%

  • Connecticut
  • Florida
  • Illinois
  • Iowa
  • Maine
  • Mississippi
  • Nevada
  • New York
  • Rhode Island
  • Utah
  • Vermont
  • Washington

 

Group #2

Average Return Rate: 40.12%

Return Rate Range: 42.56% – 38.83%

  • Alaska
  • California
  • Kansas
  • Kentucky
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Oregon 
  • South Carolina
  • Tennessee

 

Group #3

Average Return Rate: 36.02%

Return Rate Range: 38.74% – 33.14%

  • Arizona
  • Arkansas
  • Hawaii
  • Idaho
  • Louisiana
  • Maryland
  • New Jersey
  • Oklahoma
  • Pennsylvania
  • Texas
  • West Virginia
  • Wyoming

 

Group #4

Average Return Rate: 19.44%

Return Rate Range: 31.18% – 8.59%

  • Alabama
  • Colorado
  • Delaware
  • District of Columbia
  • Georgia
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • South Dakota
  • Virginia

 

The committee is now analyzing state statutes and policies governing claims, private sector service provider restrictions, and unclaimed property account information restrictions to compare return rates with legislative and policy frameworks. This information will be the subject of a future committee report. 

 

Tags:  return rates  unclaimed property 

Share |
Permalink | Comments (1)
 

Comments on this post...

Becky Stephens, U.S. Bank says...
Posted Thursday, November 7, 2019
Thank you to the Claimant's Representative Committee for the work it took for them to provide UPPO membership with this report.
Permalink to this Comment }

Membership Software Powered by YourMembership  ::  Legal