State holds $140 million in unclaimed property
By Kelli Miura
Advertiser Staff Writer
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If you've previously checked Hawai'i's unclaimed property program for money from deposits or other accounts you've forgotten about, you might check again.
The program says there's been an increase in unclaimed funds over the past year due to state efforts to get more companies to report money that should be returned. The cumulative amount now held by the state is about $140 million, said Scott Kami, who oversees the program of the state Department of Budget and Finance.
Companies, banks and others are required by state law to report accounts that have been inactive for five years. Property reported is then collected and held by the state and is made available for owners to claim through an application process.
Despite the $10 million increase since last year, Kami said the amount and number of returns to residents in the past year has gone up quite a bit.
"We've been much more successful," he said. "It was about $5.9 million that we returned, and the amount of claims was about 9,700."
This compares to $4.2 million in about 6,100 individual claims that were returned during the fiscal year that ended June 30, 2007.
Kami said the state now subscribes to PeopleFinders, an online service for consumers to verify people and businesses. The tool has made it easier for claimants to get their money by allowing the state to help individuals go back and verify previous addresses and ownership of property, he said.
Some people had previously noted that they had been denied payment because they couldn't prove where they lived decades ago or couldn't prove they were the intended recipient of a check that is now in state possession.
Although no major changes will be made from bills passed in this year's legislative session that will make it easier for people to claim their money, Kami said owners will be entitled to a calculated form of interest on their accounts after July 1, 2009.