Record broken for unclaimed property returns in Washington

The Washington State Department of Revenue announced it returned a record-breaking $54 million in lost property to 119,722 claimants during fiscal year 2012, which ended on June 30.

Examples of unclaimed property include unclaimed paychecks, utility deposits, bank accounts, uncashed refunds, life insurance proceeds, stocks and bonds and contents from safe deposit boxes. Businesses must report unclaimed property after losing contact with owners for an extended period, generally three years.

The revenue department runs a website, www.claimyourcash.org, that allows state residents to see if they have lost property to claim.

The agency’s online database contains more than 3 million names and $817 million in unclaimed assets.

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