All About Unclaimed Money and Assets in Kansas
If you live in Kansas, there’s a good chance you are owed money. The state owes over $200,000,000 to a large number of citizens and businesses. Over 900,000 people and businesses in the state (as well as former residents) are owed money. Thus, there is a 1 in 3.5 chance that the state of KS owes you money. Each year, thousands of people lose track of their stocks, bank accounts, bonds, refunds, safe deposit boxes, and other types of assets. The holders of the assets, such as banks and organizations, must turn the assets over to the state treasurer.
Unclaimed property comes to the state treasurer’s office for a variety of reasons. People lose track of financial accounts all the time. Sometimes people move and forget to inform their broker or bank about their new address. In Kansas, the following is considered unclaimed property:
There is a certain amount of time that needs to pass before property can go “unclaimed” and be turned over to the state. This amount of time, the dormancy period, varies depending on the type of asset. In Kansas, the dormancy period for an uncashed traveler’s check is fifteen years, and for a money order, seven years. The dormancy period for equity interest (stocks, bonds, etc) is five years. In fact, five years is the average for most of the property types.
Since the Kansas unclaimed property program began in 1979, more than $115 million has been paid out. A large portion of the funds have been paid out to Johnson County residents and businesses. Kansas does a pretty good job at paying out unclaimed money and assets to rightful owners. The state treasurer’s office tries to reach out to owners through publications and public events. There is also an online searchable database through which you can search to see if you are owed any money.
Try typing in different variations of your name: ie, with your middle initial, without your middle initial, your maiden name (if you’re married), other names you might have gone by in the past, and so forth. If you find that you are owed money, you need to file a claim. When filing a claim, you will need to provide the following: SS # or federal ID #, address, and a notarized claim form (if the value is over $500).