PROVIDENCE – More Rhode Islanders than ever before are getting checks for unclaimed money since the state started a program last fall to speed the process.
The number of returns processed in fiscal 2018, which ended June 30, was more than four times the number of any previous year, R.I. General Treasurer Seth Magaziner’s office announced Wednesday.
In fiscal 2018, the state helped match more than 49,000 people with unclaimed funds totaling more than $15.2 million – both annual records for Rhode Island. The returns averaged $310 each.
That was up from 9,574 returns in fiscal 2017 that totaled about $12 million – the previous dollar amount record. The old record for number of returns was set in fiscal 2014, when the state mailed checks to 11,890 Rhode Islanders, records show.
The money comes from funds left in old banks accounts and safe deposit boxes, paychecks that were not cashed, unused gift certificates, utility deposits that weren’t returned, uncollected insurance payments, and forgotten stocks and dividends.
“Too many Rhode Islanders are still struggling to make ends meet, and we can help by returning money that is rightfully theirs,” Magaziner said.
He credited the record returns to his office’s “Your Money” initiative, which began in November, 2017. Under the program, Rhode Island began automatically sending checks matched to many of the people listed in unclaimed property databases.
“Our program makes Rhode Island only the second state in the country that automatically reunites thousands of people with their missing money with no paperwork or red tape,” Magaziner said.
In fiscal 2018, the treasurer’s office processed 49,189 unclaimed money returns, shattering the previous record in Rhode Island of 11,890 returns in fiscal 2014.
The state automatically mails checks for unclaimed money matched to people whose current address is on file with the R.I. Department of Revenue or on file in other state databases.
For most recipients, the first time they know they have unclaimed money is when the check arrives in the mail.
A North Kingstown man wrote to the treasurer’s office with thanks after receiving an unexpected check for $1,510.
“I think your new program to send unclaimed property to its rightful owners is a great step to reestablish trust in Rhode Island government,” Robert Gormley wrote.
Magaziner said the program was made possible by state legislation that he sought, and which was approved last year.
His office encouraged Rhode Islanders to visit the website, FindRImoney.com, to see if the state is holding unclaimed funds for them.
Scott Blake is a PBN staff writer. Email him at Blake@pbn.com.
