PROVIDENCE – In these inflationary times, every bit helps, and R.I. General Treasurer James A. Diossa is trying to help.
What many Rhode Island residents don’t know, and what Diossa is trying to bring awareness to through his department’s “Your Money” initiative, is they may have money or other valuables stashed away in long-forgotten places.
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One of the hallmarks of the program is an online database operated by the Massachusetts-based Kelmar Associates LLC, which secured a five-year contract with the department. The program went live in March 2019. People submit their name to the KAPS website and see immediate results of potential unclaimed property and a link is provided to file a claim, free of charge.
So far, the department has returned more than $86 million to its rightful owners since 2015 and has dispersed more than 13,000 checks, totaling $3.8 million in fiscal 2023. All told, the office has recovered more than $290 million.
“This money does not belong to the government, so we encourage all Rhode Islanders to go get their money,” said Diossa spokesperson Michelle Moreno-Silva.
Nearly 33 million people in the United States have unclaimed property, such as financial accounts or items of value in which the owner has not initiated any activity for several years. When a company can’t find the owner, the money or properties, from unpaid life insurance benefits and forgotten bank accounts to unused rebate cards, are submitted to the state.
Under state law, the Treasury holds unclaimed property in trust until the rightful owner or legitimate heir can claim the funds after the original owner’s death. Currently, more than 300,000 Rhode Islanders have property waiting to be returned to them, according to the Treasurer’s office.
Even municipalities are leaving money on the table. The Unclaimed Property Division has uncovered more than $200,000 for cities and towns this year, $41,304 to Providence alone.
Examples of unclaimed property owed to municipalities include uncashed employee checks, or tax refunds that were never accepted.
Diossa is amid a month-long statewide tour of municipalities who have recovered funds through the division, tasked with tracking down and returning resources to its rightful owners.
On Friday, Moreno-Silva said the team was readying to visit Johnston, which will receive $12,661 this year.
The tour is meant “to put money back into Rhode Islander’s pockets,” she said.
The department has also ramped up its awareness campaign, placing advertisements on public busses, state websites, on social media and by giving tours to the tangible property vault in its Providence office, which holds millions of dollars of items like jewelry, stocks and bonds or other valuables previously stashed in safety deposit boxes.
“This month’s unclaimed property tour is not only an opportunity to return money to our cities and towns, but also a chance to connect with Rhode Islanders and inform them of this important program,” said Diossa. “I want to reunite as many folks as possible with the money and assets that are rightfully theirs. You never know what you might find.”
Individuals, businesses, and organizations can visit FindRIMoney.com to check for unclaimed property.
(Update: Clarifies unclaimed money owed to municipalities in 9th paragraph)
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
Big deal, not! This happens every year. Treasurer typically returns over $10 million each year. Why only $3.8 million this year?