Unclaimed Property
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Unclaimed Property Frequently Asked Questions When does property become unclaimed? How does the state acquire Unclaimed Property? What does the state do with the Unclaimed Property? Is there a charge for using the Unclaimed Property Service? Can heirs collect abandoned property? Can certain charges or deductions be applied to the amount of unclaimed property? What constitutes proof of ownership? (proof of ownership is required) After OST approves my claim, how will I receive payment? Unclaimed property includes various types of obligations or liabilities of a business which have been inactive or have not been paid for a period of time after they became payable. Examples include, but are not limited to:
When does property become unclaimed? By law, most property becomes unclaimed when the owner has not contacted the holder for a specified period of time. Often, the owner forgets the account exists, moves, or cannot be located. In some cases, the owner is deceased and the heirs have no knowledge of the property. How does the state acquire Unclaimed Property? Oklahoma's Unclaimed Property Law requires holders to annually report and deliver property to the State Treasurer's Office. All holders are required by law to attempt to contact the owners before reporting the property to the State. This applies to holders located within Oklahoma, as well as holders within other states. What does the state do with the Unclaimed Property? The State Treasurer's Office makes a diligent effort to locate the owner and reunite the unclaimed property with the rightful owner. Is there a charge for using the Unclaimed Property Service? No, this service is provided free of charge. If you are contacted by someone other than the OST Unclaimed Property Division, the maximum fee they can charge you for helping you claim your money is 25%. We encourage owners to contact the Unclaimed Property Division directly to search for funds before signing a contract with a finder. Can heirs collect abandoned property? Yes! If they prove that they are the legal heirs entitled to the abandoned property, they can collect as the living relative of an original owner. Can certain charges or deductions be applied to the amount of unclaimed property? Yes. The holder can deduct monies from the amount if the owner has knowledge of reasonable notice of service charges or deductions at the time of the account's opening or if there was a schedule of service charges or deductions mailed to the owner or there is a statement within the holder's rules, regulations or bylaws that address such a case. The holder may not apply charges or deductions if within policy and procedure, it may not withhold an amount of an active account or within property that has been claimed. Any deductions or charges must be documented in full with respectable amounts and dates noted. What constitutes proof of ownership? (proof of ownership is required) Information required for proving ownership of unclaimed property may consist of a copy of the claimant's driver's license or other identification, a document providing Social Security or Federal Employer Identification Number and, one or more of the following: A copy of: Birth certificate, will, probate distribution, marriage certificate, divorce decree, documentation that provides a connection with the reported address or business for the year cited as the Date of last transaction (the last date the owner contacted or generated activity or the date the property became due or payable). Letters testamentary, notarized contract if a representative is claimant; guardianship or trust agreement, letter from the holder authorizing the release of funds reported and remitted by the holder, proof of payment by holder to owner (front and back copy of canceled check, list of documentation furnished in support of payment of claim, or both) affidavit executed by individual other than claimant, income tax return, adoption records, court records, CD's, stale dated checks, affidavit of proof of death and heirship from disinterested party. And any documentation relate to checking accounts, saving accounts, safety-deposit boxes, wages, stocks or dividends, bearer bonds and certificates of deposit, insurance, mineral proceeds, court clerk funds, vendor checks, property held by deceased owners, cashier's checks, and claims by heirfinders or agents of listed owner, and claims based on transfers of mineral interest. After OST approves my claim, how will I receive payment? Non-cash items like safe deposit box contents are mailed certified. Stock certificates will be transferred into your name and mailed, if the stock has been sold, then claimant will receive proceeds as a check in the mail. Other claimed property will be delivered as a check in the mail. |
