PROVIDENCE – The R.I. General Treasurer’s Office has designed a program matching unclaimed property – to the tune of $10 million – to known addresses. The program has thus far matched funds with 35,000 Rhode Islanders, meaning the average value of each check is about $285.
Seth Magaziner, the state treasurer, was scheduled to announce the new program dubbed “Your Money” at a press conference on Monday.
“Your Money matches unclaimed property with known addresses so money can be returned automatically,” according to his office.
The program is a split from the previous system of unclaimed property that required residents to check a state database and then submit a claim. The treasurer’s office is using various information – including tax records – to match the unclaimed property with known addresses of recipients.
The checks could range anywhere from a few dollars to hundreds. Although any amount totaling more than $2,000 will require additional verification, according to Evan England, spokesman for the treasurer.
The state is the custodian to millions of dollars in unclaimed property, ranging from undelivered paychecks to valuable lockboxes and inheritances. The treasurer’s office is obligated to hold and payout the property once rightful ownership is established.
Last fiscal year, the state’s Unclaimed Property Division processed 10,070 claims and returned more than $12.2 million.
In many cases, England said, individuals are simply unaware the property exists, which Your Money is designed – at least in part – to rectify.