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Does Washington state have money of yours? It’s possible.
If a business loses contact with a customer for an extended time, some unclaimed money like security deposits, uncashed paychecks, or the contents of bank accounts or safe deposit boxes is handed over to the state for safekeeping.
Last year, Washington’s unclaimed property program received a record amount of money, which it holds until an owner claims it. Currently, $2.2 billion is available to be claimed, according to a new report from the Department of Revenue.
Unclaimed property is often considered lost, forgotten or abandoned.
Between July 2023 and June 2024, Washington’s program received a record $365 million in unclaimed property. That comes from about 12.4 million pieces of property.
But don’t worry, Washington doesn’t just hold this money with no attempts to return it. Last year, the program had its best record for returning property to the correct owners.
About 42% of what it received last year – or $154 million – was returned. That’s an almost 11% increase from the previous year.
Part of the success in returns last year was due to the state’s Money Match program, which became law in 2022. The program uses LexisNexis data to verify owners and return property without owners having to do anything.
Despite the record returns last year, there’s still about $2.2 billion available to be claimed.
The state program primarily deals with cash and doesn’t handle most physical property, like real estate or vehicles.
To find out if any of the money is yours, visit the Department of Revenue’s Unclaimed Property page and put in your information. If you have property in the program, you’ll be prompted to fill out a claim form and submit identification documents.