NJ returns record $261.4M in unclaimed assets

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The state’s Unclaimed Property Administration (UPA) reported this week it returned $261.4 million in missing assets to rightful owners in Fiscal Year 2024.

The result of 109,181 claims paid, that figure broke the UPA’s record. In fact, it was the third consecutive year the record was broken. The total surpassed the previous record set in FY 2023 of $202.95 million in assets returned via 73,686 claims paid. The record prior to that, in FY 2022, returned $164.13 million in assets through 50,867 claims paid.

The New Jersey Treasury Department oversees the UPA, which serves as mechanism for the state to safeguard property that has been abandoned or lost for three years, such as bank accounts, utility deposits, insurance payouts, physical property and more. Since the inception of the program, more than $2.7 billion has been returned.

Across the country, nearly 33 million, or 1 in 10, people have unclaimed property – financial accounts or items of value in which the owner has not initiated any activity in a number of years. If the owner cannot be reached, those assets are submitted to the state.

By the numbers:

Since the inception of New Jersey’s Unclaimed Property program, more than $2.7 billion has been returned.

• Mass mailings;
• Media campaigns;
• Attendance at state fairs, community centers and other public locations, and events throughout the year;
• Hosting and participating in outreach events (40 in FY 2024);
• Publishing lists in newspapers of all people whose property was turned over to the state within the last year. This year’s publishes in August and includes 231,000 names;
• Working with legislative district offices to communicate with constituents, a collaboration that will lead to nearly 23,000 residents notified in the coming weeks.

With interest

“From hosting community outreach events to maintaining a free, convenient website for users to search for missing assets, Treasury’s Unclaimed Property Administration goes above and beyond to recover and safeguard funds for New Jerseyans across our state,” said State Treasurer Elizabeth Maher Muoio. “In the past several years, UPA has stepped up efforts to reunite residents with unclaimed assets, and the results have been astounding. I applaud the entire UPA team for delivering another record-breaking year.”

Officials note that while certain third-party companies charge a fee to connect individuals with their unclaimed property, there is never a fee for searching the UPA database or for claiming property on the state’s secure website.

Once approved, the asset is returned to its owner with interest.

“I’m proud of the work we’ve done this year to further our mission of reuniting unclaimed property with as many rightful owners as we possibly can,” said Unclaimed Property Administrator Steve Harris. “We encourage all New Jerseyans to take a few minutes to search for their name on our website, unclaimedproperty.nj.gov. There may be funds in your name being safeguarded by the state that you are entitled to – with interest.”