Some of you might have heard of the “Great Colorado Payback.” This program was instrumental in the collection as well as safekeeping of Colorado unclaimed funds and properties so they may be returned to their rightful owners. In fact, there are over 500,000 names in their database who have yet to claim their properties.
The Unclaimed Property Act of Colorado supports these efforts by the federal state to return these abandoned properties and turn them over to the hands of the owners. All financial institutions and companies are mandated to report assets that have been abandoned and accounted for to the government so that the Unclaimed Property Division of Colorado may include this in their database.
Instances like relocation, job transfers, name change, death and businesses going bankrupt are some of the causes of why there are unclaimed properties. For example, a person relocated from Colorado to another state. Previous employers may send back pay checks or insurance policies may have matured and they would try to send this person the checks in the mail. Since the person has already relocated to another state, chances are the check will be returned to the sender and the company will report this as Colorado unclaimed funds.
Because there is an alphabetical list from the Colorado Unclaimed Divisions Office, you may now check your name in their database. You can do this online. And just like in any rule, there is an exception; Colorado unclaimed funds that have bee dormant or abandoned for not more than 2 years may not appear in the database and may not appear for public inspection, so do consider this when you are conducting your search. These funds may also come in the form of checking and savings accounts, money orders that are not yet cashed, security deposits, gift checks, dividends and royalty payments. In any case that your name does not appear on the initial search, then you may communicate with the Colorado state office to conduct a more thorough search.
You may also catch the State Treasurer during public events like the Colorado State Fair. As a claimant, you may inquire how to get your Colorado unclaimed funds from them.