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DOR matches more than $8 million in unclaimed property to owners

Story By Maya Reese
Local News Published 03/03/2021 4:27PM
Madison - The Wisconsin Department of Revenue (DOR) has matched about $8.2 million in unclaimed property to its rightful owners.

DOR will mail 700 "notice of unclaimed property" letters in March worth more than $5.5 million to claimants it matched with property worth more than $2,000. The letters will inform claimants of the property in their name with instructions on how to claim it.

Also, during this time, DOR will mail $2.7 million in checks automatically to over 26,000 claimants matched with property worth $2,000 or less. Checks automatically distribute when the amount is $2,000 or less.

"Getting this property in the hands of its owners is something we take pride in doing," says DOR Secretary Peter Barca. "Mailing the checks this year is especially sweet as so many households continue to struggle with taking care of the basics like paying bills, rent and buying groceries."

This annual process done by DOR—the state's regulatory holder of unclaimed property—locates, verifies and delivers property to its lawful owners.

$625 million still unclaimed

Beyond the $8.2 million in matched claims is another $625 million yet to be claimed by the many thousands of potential claimants listed. An unclaimed property search on the DOR website takes seconds and is available to everyone.

Unclaimed property includes funds from savings or checking accounts, uncashed dividends, insurance policies, or other accounts that the owner may be unaware of or forgotten. Banks, credit unions, insurance companies and other businesses must report unclaimed property to DOR each year by November 1. The property is held by DOR for safe keeping until the owner claims it.
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