Many will have to act soon to get their share of millions of dollars in unclaimed Hawaii property, money they may not even know they are owed. It's a treasure hunt for real money, but it comes with a time limit. Here's what you need to know!
HONOLULU (Island News) -- Many will have to act soon to get their share of millions of dollars in unclaimed Hawaii property, money they may not even know they are owed.
It's a treasure hunt for real money, but it comes with a time limit.
Every year, millions of dollars in checks, refunds and insurance payoffs get turned over to the state.
"We are seeing an increase in life insurance companies reporting to us," said Carrie Sekiguchi-Shingaki, Program Manager for Hawaii's Unclaimed Property Division.
That is because people move away, pass way or otherwise can't be reached, so the money gets turned over to the state to hold.
"We are currently collecting about $40 million each year," stated Finance Division Administrator Rod Becker.
That includes contents of safe deposit boxes. Property the state wants to return to residents, but don't have the resources to track down owners.
"Every year we return about $15 million or so," added Becker.
Some residents have thousands of dollars worth of unclaimed property, even into the hundreds of thousands when it comes to life insurance payouts.
"There was a claim for $1 million that was paid out a couple years ago," stated Becker.
But the majority of the claims are not big bucks, usually less than $100.
Now, millions in small property amounts could be cashed in by the state permanently.
A decade ago, lawmakers changed the rules so property amounts less than $100 were only held for 10 years. That will mean a big windfall for the state, unless owners submit a claim soon.
"About $22 million. If it is not claimed by June 30, it will go to the state and owners will not be able to claim that," stated Becker.
People can search the state's unclaimed property for free and if their name and address matches, they can submit a claim online.
"We require proof of identity and proof of last reported address," said Sekiguchi-Shingaki.
But time is ticking down for people to cash in those old claims, as they will get turned over to the state for good July 1.
"Properties that are valued under a $100, if they have been in our system for ten years, that claim will no longer be valid," added Becker.
