Colorado is currently holding onto an astonishing $1.5 billion in unclaimed funds that belong to citizens across the state. But how did all that money end up unclaimed in the first place?
As it turns out, there are several common ways people lose track of or forget about their funds.
According to the state treasury department, the leading causes of unclaimed property in Colorado include:
- Forgotten Bank Accounts
When people move, change jobs, or switch banks, they sometimes lose track of old accounts they left behind. Over time, the balance in these accounts can remain unclaimed.
- Uncashed Checks
Whether a rebate check, refund check, or payment from an old employer, uncashed checks are a major source of unclaimed funds. People misplace checks or forget to cash them, and the money gets turned over to the state.
- Security Deposits
When renting an apartment, many people pay a security deposit. But if they move out and don't claim their deposit, it may eventually be reported as unclaimed funds.
- Paid Wages
Unclaimed paychecks, bonuses, commissions, and other wages make up a sizable portion of Colorado's unclaimed money. This often happens when an employee leaves a job abruptly or is unable to collect their final paycheck.
- Insurance Benefits
Life insurance policies, annuities, and other insurance-related payments sometimes go unclaimed when beneficiaries are unaware of the benefits owed to them. Insurance companies then turn these funds over to the state.
- Safe Deposit Boxes
The contents of abandoned safe deposit boxes are cataloged and the cash and valuables are reported as unclaimed property to be returned to the box owner or heir.
Don't let your hard-earned money go to waste - search today on the Great Colorado Payback website to uncover any forgotten funds that may belong to you. With $1.5 billion at stake, you've got nothing to lose!
