Report Shows Unclaimed Property Administrators Returned Over $2.8B To Americans During FY 2020
Washington, DC – The National Association of Unclaimed Property Administrators (NAUPA) released today its Fiscal Year 20 Annual Report, a public-private partnership to provide the most in-depth look at unclaimed property statistics. The anonymized data reveals that unclaimed property programs returned over $2.8 Billion to rightful property owners during the 2020 fiscal year.
In addition to revealing total returns of $2.87 B, the data shows that the average claim amount paid was $1,609.95 and the median claim paid was $100.00. Furthermore, the data shows that states return rates increase as states receive more information on the property, highlighting the need for holder record maintenance. A few unclaimed property highlights include:
- The Mississippi State Treasurer presents Make-A-Wish with $1,300 in unclaimed property.
- The Kentucky State Treasurer returns $1.29 Millon in a single week.
- A West Virginia church receives over $70,000 in unclaimed property from the Treasurer’s office.
- The Illinois State Treasurer reunites $40,000 to the Salvation Army
All 50 states and the District of Columbia have unclaimed property programs that actively and continuously work to find the owners of these lost and forgotten assets. When the holder of unclaimed property – which is often in the form of uncashed paychecks, stock and bonds, safe deposit box contents and family heirlooms – cannot locate the rightful owner after an extended period of time, the property is passed to the state and designated as unclaimed property.
Roughly 1 in 10 Americans have unclaimed property. There is never a cost associated with retrieving your unclaimed property, and unclaimed property administrators continue to work hard to return unclaimed property during this financially challenging time. A simple online search for unclaimed property can be started here.
NAUPA state members can access the full report results here.