NJ's Unclaimed Property Returns Record $261.4M to Residents

New Jersey’s Unclaimed Property Administration Returns Record $261.4 Million in Assets in FY24.Photo byMorristown Minute

The UPA sets a new record for the third consecutive year in reuniting owners with lost assets.

NEW JERSEY - New Jersey's Unclaimed Property Administration (UPA) announced a record-breaking return of $261.4 million in assets to rightful owners during Fiscal Year 2024. This achievement marks the third consecutive year the UPA has surpassed its previous record, following $202.95 million in FY23 and $164.13 million in FY22. Since its inception, the program has returned more than $2.7 billion.

Unclaimed property refers to various types of assets that have been left unclaimed for three years, such as bank accounts, insurance payouts, and physical property. The UPA's Outreach Team actively works to reunite these assets with their owners through initiatives like mass mailings, media campaigns, and public events. In FY24 alone, the UPA hosted or participated in 40 outreach events.

“From hosting community outreach events to maintaining a free, convenient website for users to search for missing assets, Treasury’s Unclaimed Property Administration goes above and beyond to recover and safeguard funds for New Jerseyans across our state,” said State Treasurer Elizabeth Maher Muoio. “In the past several years, UPA has stepped up efforts to reunite residents with unclaimed assets, and the results have been astounding. I applaud the entire UPA team for delivering another record-breaking year.”

“I’m proud of the work we’ve done this year to further our mission of reuniting unclaimed property with as many rightful owners as we possibly can,” said Unclaimed Property Administrator Steve Harris. “We encourage all New Jerseyans to take a few minutes to search for their name on our website, unclaimedproperty.nj.gov. There may be funds in your name being safeguarded by the State that you are entitled to – with interest.”

In addition to these efforts, the UPA publishes a comprehensive list each summer in New Jersey newspapers, detailing the names of individuals with unclaimed property turned over to the State in the past year. This year's publication, expected in August, will feature over 231,000 names. The UPA also collaborates with legislative district offices to notify residents about their unclaimed property, with approximately 23,000 notifications planned for the coming weeks.

Across the United States, nearly 33 million people—1 in 10—have unclaimed property. This typically occurs when owners fail to engage with their assets over several years, prompting companies to submit the property to the state. Common examples include unpaid life insurance benefits, forgotten bank accounts, and utility deposits.

New Jersey residents can search for unclaimed property for free through the UPA's database at unclaimedproperty.nj.gov or unclaimed.org. Unlike certain third-party companies that charge a fee, the UPA provides this service at no cost, ensuring assets are returned to their rightful owners, sometimes with interest.

Individuals are encouraged to search for their name, a maiden name, or the name of a business or nonprofit.

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