Are you a Coloradan? Do you know if you have any money, assets or property owed to you? Just recently, the state of Colorado decided to start advertising its Great Colorado Payback program. The state has launched a campaign for the purpose of getting word out that there is still hundreds of millions of dollars still waiting to be claimed by rightful owners. This program is responsible for connecting citizens with unclaimed property. Businesses and banks in the state are required to report unclaimed checks, accounts, refunds, estates, etc to the state’s dept. of unclaimed property.
Colorado has been providing similar services since 1988, and the newly revised Great Payback program is its first real attempt to organize the 1.5 million names of people and companies who have unclaimed funds and property. 500,000 of these are names of Colorado citizens. Other names are of businesses and of individuals in other states. To date, more than $100 million has been paid back to Coloradans since 1988. Thousands of new names are added annually.
With the creation of the new program, it appears that Colorado is taking huge steps in the right direction. Not all states give a very serious attempt of reuniting unclaimed money to its rightful owners. Colorado is actually making an effort to reward citizens for their residency. There are many reasons why people can lose or forget about money. Indeed, some aren’t even aware that they have any!
Businesses sometimes lose track of payments. Accounting departments and banks both make mistakes, and one small mistake can result in lost money. Consumers aside, schools, small businesses, hospitals, and various organizations have Colorado unclaimed money held by the state.
Examples of unclaimed money include:
The safe deposit boxes are the only tangible items that are part of the “unclaimed properties” category. After five years of having an unclaimed status, they are put up for auction.
Approximately one out of ten people is owed money in the state of Colorado. Past or present citizens can search online or call the State Department to see if they have any property. If you find out you have property, money or assets to claim, you’ll need to make a copy of your ID and verify your social security number as well as a proof of residency. Businesses must provide verification of its physical address and a notarized claim form. They need to prove that they are still operating and that the claimant is authorized.
According to State Treasurer, Cary Kennedy, Colorado has been reducing the information and documentation people need to provide in order to get their money back. Despite recent efforts however, the Great Colorado Payback has “only scratched the surface.”
If you’re unable to locate the contact information online (because a lot of government sites and resources are outdated), the new address is 1580 Logan St., Suite 500, Denver CO 80203. The correct phone number is (303) 866-6070 (or 1-800-825-2111). For more information on how to go about claiming your Colorado funds or ways to avoid predatory scams, feel free to reach out to us. Otherwise, you can find a plethora of information regarding Colorado unclaimed property and money on our Facebook page or youtube channels.