What is Unclaimed Money in Idaho?
According to Idaho state statutes, unclaimed money is defined as any money or property that has been abandoned or unclaimed by its rightful owner. The provisions for unclaimed money Idaho are outlined in Title 14, Chapter 5 of the Idaho Code.
Some examples of unclaimed money in Idaho include:
- Abandoned bank accounts
- Uncashed payroll checks
- Undelivered utility refunds
- Unclaimed life insurance benefits
- Unredeemed money orders
- Unclaimed tax refunds
The statute further specifies that the money or property must be in the custody of a business, financial institution, or governmental entity in order for it to be considered unclaimed.
There are a number of ways that money or property can become unclaimed. For example, if someone moves and does not leave a forwarding address, or if they forget about a bank account or other asset, it may be considered unclaimed.
Once money or property is deemed unclaimed, the business or entity holding it must take steps to try to find the rightful owner. This usually involves sending a notice to the last known address of the owner. If the owner cannot be located, the money or property is turned over to the state of Idaho in a process known as escheatment.
The state of Idaho has a specific process for handling unclaimed funds. The first step is to attempt to locate the rightful owner. If the owner is not located, the property is then auctioned off and the proceeds from the auction are held in a fund by the state treasurer.
To claim unclaimed money in Idaho, the rightful owner must file a claim with the Idaho State Treasurer's Office. The claim must include proof of ownership, such as a copy of a bank statement or utility bill. The office will then investigate the claim and, if approved, issue a check to the rightful owner.
How to Find Unclaimed Money in Idaho
Interested members of the public can find unclaimed money in Idaho through the state's Unclaimed Property Program. The program is overseen by the Idaho State Treasurer's Office, and it aims to return money and property to their rightful owners. To search for unclaimed money, individuals can use the online database on the office's website.
Those who believe they may be owed unclaimed funds can submit a claim form online or by mail. The office recommends that claimants include as much documentation as possible to support their claim. Once a claim is received, it will be reviewed and processed by the office. If the claim is approved, the individual will receive their payment via check within eight weeks.
Interested parties may also query the office via mail, email, or phone to get more information about the program or the claims process. Requests may be made or addressed to:
Unclaimed Property Program
Office 304 N.
8th St., Suite 208
P.O. Box 83720
Boise, ID
Email: UCPGeneralQuestions@sto.idaho.gov
Phone: (208) 332-2942
How Do I Find Idaho Unclaimed Money for Free?
There are a few ways that an individual can go about trying to find unclaimed money in Idaho for free. The first way is to search the state unclaimed property website. The Your Money website allows interested persons to search for unclaimed property. Users will need to enter their name and relevant property information. This service is free to use.
Requestors may also opt to contact the Idaho State Treasurer’s Office directly. In-person, mail and email queries are free to make.
While there is no government-wide centralized service, each federal agency may be queried individually. At the national level, requestors may also search the website of the National Association of Unclaimed Property Administrators. The site has a database that users can search for unclaimed money. They will also be required to enter their information on the website and they will search their databases for any unclaimed funds that may belong to them.
How to Claim Unclaimed Money in Idaho
To claim unclaimed funds in Idaho, interested members of the public may search the database of the Idaho Unclaimed Property Program, which is maintained by the Idaho State Treasurer's Office. The database is updated monthly and includes the names of individuals, businesses, and organizations who are owed money by the state of Idaho.
In order to claim unclaimed money, interested persons may visit the Your Money website and select the Search and Claim Property option. To search using the website, requestors will need to enter their last and first name or business name, city, zip code and property ID. The site may also be used to check the status of a claim (using the claim ID) or file an unclaimed property report where applicable.
Alternatively, individuals must submit a claim request via mail. The claim request must be signed, and it must include the claimant's name, address, telephone number, and email address. Additionally, claimants must provide proof of their identity, such as a driver's license or passport.
Once a claim request is received by the Idaho State Treasurer's Office, staff will review the claim and determine whether the claimant is eligible to receive the unclaimed money. If the claim is approved, a check will be mailed to the claimant between four weeks to three months of the claim being made.
The Idaho Unclaimed Property Program holds onto unclaimed money for a period of five years, after which time the money is transferred to the state's permanent endowment fund. However, claims can be filed at any time, and there is no time limit for claiming unclaimed money in Idaho.
How Long Does It Take to Get Unclaimed Money in Idaho?
The Idaho Unclaimed Property Program is responsible for reuniting lost or forgotten money with its rightful owners.
The average claim process takes about six to eight weeks from start to finish. However, some claims may take longer to resolve if they require additional research or documentation.
Who Can Claim Unclaimed Money From Deceased Relatives in Idaho?
Generally, unclaimed money from deceased relatives in Idaho can be claimed by the surviving spouse, domestic partner, or child of the deceased. If there is no surviving spouse, domestic partner, or child, then the next of kin may claim the money. The order of priority for claiming unclaimed money from deceased relatives in Idaho is as follows:
- Surviving spouse or domestic partner
- Child of the deceased
- Parent of the deceased
- Sibling of the deceased
- Grandchild of the deceased
- Niece or nephew of the deceased
However, in order to claim this money, the requesting party will be required to provide supporting documentation including a copy of the death certificate of the deceased and documentation showing that the claimant is the most eligible living relative or the deceased's heir. Where the deceased prepared a will before their demise, it will need to be accompanied with the request.
Estate executors and court-appointed probate administrators may also claim unclaimed money on behalf of the estate.
What Happens to Idaho Unclaimed Money if No One Claims It?
There is no statute of limitations on taking possession of unclaimed money or property in Idaho. The State Controller's Office will hold on to the money or property until the owner claims it. However, property owners are encouraged to claim their items as soon as possible since they are auctioned off after one to five years, depending on the jurisdiction.
