Kansas has $600 million in unclaimed property. Are you owed any?
TOPEKA (KSNT) - An official with the State Treasurer's office is helping explain how people can stake a claim on some of the more than $600 million in unclaimed property residing in Kansas.
27 News reached out to Tom Treacy with the Kansas State Treasurer's office to give people tips on how to go about claiming some unclaimed property. He said there is around $616 million in unclaimed property waiting for people to claim in Kansas as of Dec. 19, 2024.
What counts as unclaimed property?
The Kansas State Treasurer's office describes unclaimed property as mostly consisting of money on its website. However, it can also be any financial asset which has yet to be claimed by its owner or hasn't been used by its owner for a long period of time, usually consisting of around one to five years. Real estate is not counted as unclaimed property.
"Typically, Unclaimed Property is generated when people lose or fail to cash a check or forget to alert their bank or stockbroker when they move. Any company or organization that writes checks, drafts or warrants, has the potential to possess unclaimed property."
Kansas State Treasurer's website excerpt
Unclaimed property can also consist of the following:
- Insurance proceeds.
- Stocks and bonds.
- Safety deposit box contents.
- Payroll checks.
- Money orders.
- Refunds and overpayments.
- Bank accounts.
How do you complete an unclaimed property claim?
People looking to search for unclaimed property with the Kansas State Treasurer's office can get the ball rolling by heading to the agency's website. A section on this website has boxes for you to fill out for your name, city, ZIP code and property ID. You can also use this website to check the status of previous claims.
Treacy said another section on the Kansas State Treasurer's website, found by clicking here, will also help you get a search started for unclaimed property tied to your name. Staff will investigate your claim and match your information to details like your address or Social Security numbers. If the owner of the unclaimed property is dead, the process can become more complicated.
"If we are holding any property with the criteria you entered a list of properties with owners will display," Treacy said. "If you are the person listed, click claim to the left of the property list. Once you have went through the entire list and selected the properties to claim, select continue at the bottom of the page to file claim. You will then be prompted to select the relationship you are to the owner. If the property is listed in your name you will select owner. If the owner is your business you will select business."
Does it cost anything to claim unclaimed property?
Treacy said it is a completely free process for people to stake a claim on unclaimed property.
Can people claim a 'finder's fee' if they turn over unclaimed property?
"There is no finders fee for turning over unclaimed property to the state," Treacy said. "It is State Law holders must report unclaimed property to our office."
What common mistakes should people try to avoid when claiming unclaimed property?
Treacy said one common pitfall during the process of trying to get unclaimed property occurs after someone has entered their information online. For most people, the Treasurer's office won't need anything else.
"However, if we need additional information to finish the process, you will receive an email from us with the documentation that is needed to finish the claim," Treacy said. "A lot of time the claimant believes they are done once they have entered all their information online."
For more Kansas news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here.
Follow Matthew Self on X (Twitter): https://twitter.com/MatthewLeoSelf