Florida Has $2 Billion in Unclaimed Property
When bank accounts or other types of financial accounts become inactive for a certain length of time, typically three to five years, the assets are turned over to the state. Florida is currently holding some $2 billion in unclaimed property, including money and items such as watches, jewelry, and coins. The state spends the money on schools but pays back the amount (or returns the property) if the rightful owner comes forward. The state also employs investigators to track down account holders.
In 2019, Florida received about $536 million and returned about $323 million, some of which includes money received in previous years. “One of my top priorities ... is returning every cent of unclaimed funds and tangible property in the state to its rightful owners,” said Florida Chief Financial Officer Jimmy Patronis. Consumers are reminded to review their bank and other financial accounts regularly and to consider consolidating accounts if some of them aren't being used often.