Connecticut State Treasurer Erick Russell celebrated the third annual National Unclaimed Property Day on Wednesday by encouraging Connecticut residents to search CTBigList.com to see if the state is holding any unclaimed property that can be returned.
“The unclaimed property program is a great way to reunite residents and other entities with money or property that was lost or abandoned somewhere in the system,” said Treasurer Russell. “Since the program began, nearly a billion dollars has been returned and made a real difference in peoples’ lives. This money belongs in the hands of its rightful owners, and I encourage everyone to search the database and claim their property.”
Improvements to the unclaimed property program in recent years have expanded the list of viewable property on the online database and streamlined the claims process by doing away with the requirement that claim forms be notarized. A new state law will also allow the Treasurer’s Office to be proactive in notifying unclaimed property owners with verifiable addresses through mailings that will begin later this year.
Those reforms, and increased awareness of the program, have already had a positive effect. In Fiscal Year 2022, the office processed nearly 25,000 claims and returned over $70 million — both historic highs. Fiscal Year 2023 is on pace to surpass those totals. More than 17,000 claims were paid between July and January alone.
“I’m taking office at an exciting time for the program. Lawmakers and my predecessor, former Treasurer Shawn Wooden, made some necessary and forward-thinking changes,” said Treasurer Russell. “I’m eager to build on that work and collaborate with policymakers and experts in Connecticut and across the country, to establish our state as a leader in returning unclaimed property to its owners.”
Treasurer Russell’s plans for the unclaimed property program include:
- Leveraging new technology to reduce the need for manual review and intervention, with the goal of automatic payments for many claims.
- Collaborating with other state agencies to create automated systems for intercepting past due child support.
- Working with program managers in other states through the National Association of State Treasurers (NAST) to establish best practices and participate in creative national lookup tools.
- Hiring additional staff in the Treasurer’s Office to review and process claims faster, while using technology to free up more time for direct communication with constituents.
- Continuing to spread the word across the state and in partnership with community organizations and government leaders.
“I’ve enjoyed hearing stories from my colleagues about the moments they’re most proud of — where their work helping people recover money has made a real and impactful difference in the lives of Connecticut residents,” said Treasurer Russell. “At the end of the day, that’s what matters most. The people in my office who work on this program are doing a great public service and take great pride in helping people. I want to support them with better tools and resources so they can spend more time focusing on complex cases and direct personal support.”
Unclaimed property includes unpaid life insurance benefits, forgotten bank accounts, utility deposits and refunds, annuities, contents of safe deposit boxes, and other items of value for which the owner has not initiated any activity for a designated period of time (called the dormancy period). When that happens, and the holder of the property cannot locate the owner, the money or other properties are submitted to the state. In Connecticut, those funds are administered by the Office of the Treasurer. The National Association of Unclaimed Property Administrators estimates that one in seven Americans has unclaimed property waiting to be claimed.
There is no time limit for a property owner to file a claim with the state of Connecticut. “No matter how long it takes, we intend to return property to its rightful owners,” emphasized Treasurer Russell. “This is your money. You should have it.”
For more information, or to search for unclaimed property, visit CTBigList.com or call 800-833-7318.
