Unclaimed Money Kansas: How to Find Unclaimed Money in Kansas
October 26, 2022
Over $50 billion in the United States is considered unclaimed money. If you have stayed in Kansas before, had a business enterprise in the Sunflower State, or currently residing there, you might be eligible to unclaimed money.
Finding unclaimed money can be a time-consuming endeavor if you do not possess the requisite knowledge and tools.
However, you need not worry as we shall provide you with everything you need to know about finding unclaimed money in Kansas in this piece!
Administration of Unclaimed Money in Kansas
The administration of unclaimed money in Kansas is provided under the Kansas Abandoned Property Act.
The act outlines the procedures for transferring or escheating unclaimed properties, including unclaimed money, to the Kansas State Treasury, following the expiration of a specific period known as the dormancy period.
Before money is escheated to the Kansas State Treasury, every holder of unclaimed money, such as insurance companies, banks, charities, businesses, organizations, and individuals, is obliged to contact the owners of unclaimed monies and financial assets in their possession. This is called the Kansas due diligence requirement.
Holders must send due diligence notices to owners of unclaimed monies or financial assets valued from $100 upwards.
The notice must be sent to the apparent owner's last known address and sent at least within sixty days and no later than 120 days before filing the report.
The notice must inform the owner that the holder is in possession of their abandoned money or financial asset, and such item(s) will be turned over to the state if the owner fails to claim them.
Kansas maintains a fall deadline for annual reporting and return of unclaimed money.
Every holder of unclaimed funds must report and return the amount by October 31, except for life insurance firms, who are required to report by April 30. Kansas allows for early reporting following the delivery of due diligence notifications. In addition, electronic reporting is allowed for reports containing over ten items.
The following are types of unclaimed money under the Kansas Abandoned Property Act:
* Unclaimed utility deposits * Uncashed payroll checks * Contents of safe deposits boxes abandoned for over three years * Abandoned bank accounts * Undelivered life insurance proceeds * Unredeemed traveler's checks * Unredeemed money orders * Wages and salaries * Stocks, dividends, bonds, and securities
The treasury department safeguards every unclaimed fund indefinitely until the legitimate owners come to claim it. The treasury department also maintains an online database for every unclaimed money in the state.
Kansas Unclaimed Money: How to Prevent Your Money from Becoming Abandoned
It can be surprising knowing that millions of monies lie unclaimed in Kansas. This is due to various factors, such as when owners relocate without updating their contact information.
Below are some general rules on how to prevent your money from becoming unclaimed:
* Always keep in touch with the financial institutions and other agencies holding your money * Withdraw funds from your accounts at least once every year. * Cash your checks regularly * Ensure you respond to all emails and inquiries sent by the entity holding your money * Update your financial records periodically, and keep them in a safe spot * If you relocate or change your address, inform every relevant agency * Always keep track of your utility deposits, bank accounts, broker accounts, and stock certificates. * While no one can fully guarantee that your money and financial assets are free from becoming abandoned, these tips will help lower the chances of that occurring.
Unclaimed Money Kansas: Does Kansas Have a Time Limit for Claiming Abandoned Money?
Kansas does not have a statute of limitations concerning unclaimed money.
This means that parties can still reclaim their money at any time. Relatives of deceased owners can also claim on behalf of the late owners whenever they will. While limits do not exist, specific exceptions exist in the following cases:
Contents of safe deposit boxes will be sold within three years, but the proceeds are kept for the owner or their heir.
Stock properties will be terminated within six months, and proceeds will be applied to the owner's or successor's property. How to Find Unclaimed Money in Kansas:
Kansans can recover their unclaimed monies by contacting the state treasury.
The state treasurer's office maintains an online database that is publicly accessible to every member of the public. Parties can obtain their unclaimed money using any of the techniques below:
1. Online 2. By email 3. Phone 4. Mail
Finding Kansas Unclaimed Money Online
If you wish to conduct an online search, follow the steps below:
* Visit the Kansas State Treasurer's website * Enter your last or business name (first and middle name or initial (optional) * Go through the "I have read and understand the property search" disclaimer page * Click on "Go" * The site will provide you with a list of matching items. Select the items belonging to you and proceed to submit your claim with the necessary documents. * Finding Kansas Unclaimed Money Through Email
If you wish to obtain your unclaimed money through email, follow these steps:
* Draft an email * Enter all the vital details about yourself
* Forward the email to [email protected] * Await their feedback and further instructions
Finding Kansas Unclaimed Money Over the Phone
You can obtain your unclaimed money in Kansas by calling 785-296-4165. Inform the customer representative of the reasons behind your call, and request them to look for unclaimed money using your name.
Finding Kansas Unclaimed Money Via Mail
You can send a letter to the Unclaimed Property Division of the Kansas State Treasurer. Explain the reason behind your request and ask them to search for unclaimed funds you may own. After that, forward the mail to the following address:
Office of State Treasurer 900 SW Jackson, Suite 201 Topeka, KS 66612-1258
Finding unclaimed money in the Sunflower State has never been easier! Interested persons searching for their missing or abandoned money in Kansas can use the techniques discussed above.
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