Unclaimed Property Reporting Booklet - Washington State Digital ...

General OverviewWhat is UnclaimedProperty?Unclaimed Property is money or intangibleproperty owed to an individual or business.Property is considered unclaimed after it is heldfor a period of time with no owner contact, anda good faith effort has been made to locate theowner. Abandoned property is turned overto the Department of Revenue from many sources,including banks, credit unions, corporations, utilities,insurance companies, governmental entities, andretailers throughout the United States.Uniform UnclaimedProperty Act of 1983The Washington Unclaimed Property Act protectsunclaimed property until it is returned to its rightfulowner or their heir. The Department of Revenueacts as custodian for safe keeping of the propertyuntil the rightful owner can be located. Oncereported to the Department, abandoned propertyis available for refund to the owner or legalclaimant indefinitely.Washington State law requires businesses andother organizations (commonly referred to as“HOLDERS”) to review their records each yearto determine whether they hold any funds,securities or other property that has beenunclaimed for the required abandonment period.Holders file an annual report and deliver theproperty to the state. The length of time propertymust be abandoned before being turned overto the state varies by the type of property(see page 25).Who Must Report?The following entities are requiredto report unclaimed property:c Banking and financial organizations, includingstate or federally chartered banks in trustcompanies, savings banks, private bankers,savings and loan associations, credit unions,and investment companies.c Business associations wherever located, suchas a corporation, joint stock company, businesstrust, partnership, cooperative or otherassociation of two or more individualsfor business purposes, whether or not forprofit (including all insurance companies).c Utilities owned or operated for public use.c Legal entities including state, county, and citygovernments, political subdivisions, publicauthorities, public corporations, estates,and trusts.All holders are responsible for filing reportson behalf of their branches, divisions or otheraffiliated entities.Unclaimed Property Reporting Booklet 1