As part of its yearly unclaimed property data matching procedure, the Wisconsin Department of Revenue (DOR) has linked more than $6.6 million in unclaimed property to almost 23,000 claimants.
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Approximately $2.5 million of the entire property will be automatically distributed to over 22,600 people who have been matched with property worth less than 2,000 dollars. The remaining 330 people have property worth more than $2,000, and they will soon receive “notice of unclaimed property” letters from the Department of Revenue with instructions on how to claim it.
Thousands of potential claimants have yet to claim more than $600 million in unclaimed funds, in addition to the $6.6 million in matching claims. Unclaimed property searches on the DOR website take only a few seconds and are open to the public.
Unclaimed property includes funds from savings or checking accounts, dividends that have not been cashed, insurance policies, and other assets that the owner may be ignorant of or forget about. Unclaimed property must be reported to the DOR by Nov. 1 each year by banks, credit unions, insurance companies, and other entities.
The DOR – the state’s regulatory keeper of unclaimed property – manages a data match process that locates, validates, and returns the property to its rightful owners.