State's unclaimed property pot exceeds $200M - Hawaii News Now - KGMB and KHNL

State's unclaimed property pot exceeds $200M

HONOLULU (HawaiiNewsNow) -

The state has upwards of $200 million, just waiting to be claimed.

Since July 1, the state has received about $26 million in unclaimed property – everything from bank accounts that were never closed to long-forgotten stocks.

Over the same five-month period, the state has paid out about $4.8 million for 4,487 claims. (That's an average claim of $1,070.)

Scott Kami, administrator of the state’s Financial Administration Division, said he’s seeing more people filing for unclaimed property as awareness about the funds grows.

In the 2015 fiscal year, which ended June 30, the state collected about $29.5 million and paid out about $10.4 million.

Kami says there are some things you can do to prevent funds from being labeled “unclaimed.”

For one, always update your address with financial or other institutions. You should also try to keep accounts active annually – or close them. And keep track of property that might get lost as people age – things like stocks.

Some unclaimed property is tiny, just a few dollars. And anything under $100 gets transferred to state coffers if it’s not claimed within a decade.

But there are some hefty unclaimed amounts, some in the tens of thousands of dollars, Kami said.

The largest claim paid in 2015 was $200,000 for insurance proceeds.

Want to see if you have any unclaimed property? You can use the state’s online search here.

Copyright 2015 Hawaii News Now. All rights reserved.

Powered by Frankly