Is the Colorado Unclaimed Property Program Legit?

The Colorado Unclaimed Property program, managed by the Colorado State Treasury, safeguards financial assets separated from their rightful owners. These assets often include forgotten bank accounts, uncashed checks, or dormant investment accounts. The state holds these funds indefinitely until owners or their heirs claim them.

Understanding Colorado’s Unclaimed Property Program

The Colorado Unclaimed Property program, known as “The Great Colorado Payback,” is a consumer protection initiative. It reunites individuals and organizations with their lost assets, ensuring protection even if the holding financial institution or business ceases to exist.

Common examples of property held by the state include uncashed payroll checks, dormant bank accounts, utility deposits, insurance proceeds, stock dividends, and contents from safe deposit boxes. The legal process by which property transfers to the state after a period of inactivity is called “escheatment.” In Colorado, dormancy periods for property typically range from one to five years, depending on the asset type, after which the property is legally turned over to the state for safekeeping.

Searching for Unclaimed Property

Locating unclaimed property in Colorado is a straightforward and free process. The official search portal, known as “The Great Colorado Payback,” is accessible through the Colorado State Treasury’s website. Individuals can conduct a search by providing their full name or a business name. It is often helpful to include previous addresses or names, such as maiden names, to broaden the search results.

The website allows anyone to check for potential unclaimed assets without any cost. Searching directly on the official Colorado.gov website for “unclaimed property” will lead to the correct portal.

Claiming Unclaimed Property

Once unclaimed property is identified through the search, the next step involves submitting a formal claim. The process typically begins online, where claimants can initiate their claim and often print necessary forms. These forms, along with supporting documentation, are then usually submitted via mail, though some initial steps may be completed electronically.

To substantiate a claim, specific documentation is required to verify identity and ownership. This typically includes a copy of a government-issued photo identification and verification of a Social Security number. For claims exceeding a certain value, such as $100, a notarized claim form may be necessary. Additional documents, such as proof of address, proof of ownership (like old statements or correspondence), or proof of relationship to the original owner (such as a death certificate, will, or court order for heirs), are often required depending on the nature of the claim. While some claims are processed relatively quickly, often within a few days, others requiring more extensive verification or for higher values may take up to 90 days.

Protecting Yourself from Scams

The legitimacy of the Colorado Unclaimed Property program can unfortunately be exploited by scammers. It is important to be vigilant against fraudulent schemes that attempt to solicit personal information or money. A primary indicator of a scam is any request for an upfront fee to “find” or “release” unclaimed property. The official search and claim process through the Colorado State Treasury is always free of charge.

Unsolicited contact from individuals or companies, especially those using generic email addresses or making too-good-to-be-true promises, should raise suspicion. Legitimate state agencies will not demand sensitive personal information, such as bank account details or Social Security numbers, for an initial search or without a secure claim process. Always navigate directly to the official Colorado State Treasury website for all unclaimed property inquiries to ensure security and avoid potential fraud.