Unclaimed Property in Colorado: How to Check and Claim What’s Yours
Learn how to navigate Colorado’s unclaimed property process, from identifying potential assets to completing a successful claim.
Across the United States, significant sums of unclaimed money and assets remain dormant, belonging to individuals often unaware of their existence. In Colorado, the state treasurer safeguards these funds until claimed, providing residents a free service to recover forgotten financial assets, from old paychecks to dormant bank accounts or insurance proceeds.1Colorado Treasury. Colorado State Treasurer Dave Young Celebrates Unclaimed Property Day in Colorado
Common Sources of Unclaimed Property
Unclaimed property held by the Colorado State Treasurer originates from various sources, typically financial accounts or assets where the holding company has lost contact with the owner for a legally defined “dormancy period.” Following this period and unsuccessful contact attempts, entities like banks and insurance companies are required by state law to transfer these assets to the state.2Colorado Office of the State Auditor. Colorado Division of Unclaimed Property Performance Audit
Financial institutions are a frequent source, contributing forgotten checking and savings accounts, matured certificates of deposit, and uncashed cashier’s checks or money orders. Brokerage accounts with stocks, bonds, or mutual funds can also become unclaimed if the owner cannot be located, especially after corporate changes; associated dividends or interest payments often follow suit.
Insurance proceeds, including life insurance benefits unknown to beneficiaries or uncashed payments from other policies, form another large category. Utility companies contribute security deposits from former customers who moved without providing forwarding addresses.
Other common types include uncashed paychecks, business refunds, customer overpayments, and unclaimed rebates. Tangible items from abandoned safe deposit boxes, like jewelry or documents, are also turned over to the state. Colorado law recognizes mineral royalty payments and, since 2019, virtual currency as property that can be presumed abandoned. The standard dormancy period for most property types in Colorado is now three years (reduced from five in 2020), while for payroll, it remains one year, speeding up the transfer of assets to state custody.3RSM US LLP. Colorado Adopts the Revised Uniform Unclaimed Property Act
How to Check for Potential Ownership
The primary tool for checking if Colorado holds unclaimed property in your name is the official search portal managed by the state Department of the Treasury’s Unclaimed Property Division, known as the Great Colorado Payback.4Colorado Department of the Treasury. Colorado: Great Colorado Payback – Claim Search This service is free. The online database, accessible via the division’s website, centralizes information on assets turned over to the state, simplifying the search for owners or heirs.
A search typically involves entering a last name (required) and optionally a first name or business name into the portal. The system displays potential matches, often including similar names to account for variations or misspellings. Adding a last known city or zip code can help refine results for common names. If you received a notification from the Great Colorado Payback, a specific Property ID might be included, allowing for a direct search.
It is wise to search using variations of your name (maiden names, former names, misspellings, initials) and the names of deceased relatives, as you could be an heir. Since property is usually reported to the state of the owner’s last known address, individuals who have lived in multiple states should check each relevant state’s database. While national search sites exist, checking Colorado’s specific portal ensures the most current information for property held by the state.5MissingMoney.com. Search for Unclaimed Property
Submitting a Claim
Identifying potential unclaimed property through the state’s search portal is the first step; the next is formally submitting a claim to the Unclaimed Property Division. This process verifies identity and ownership before assets are released and often starts directly through the online search results.
Required Forms
The main document for claiming property is the official Claim Form provided by the Great Colorado Payback, usually generated electronically when initiating a claim online. This form details the property, the reported owner, and a property ID. The claimant must provide their relationship to the owner, current contact information, and Social Security or Taxpayer Identification Number. The form requires the claimant’s signature; if the claim value is $1,000 or more, the signature must be notarized. The completed, original signed form (unless submitted securely online) must be sent to the Unclaimed Property Division with supporting documents.
Verification Steps
Claimants must provide documentation to verify their identity and connection to the property to prevent fraud. Standard requirements include a copy of current government-issued photo ID and proof of Social Security Number. Documentation linking the claimant (or original owner) to the last known address associated with the property, such as old utility bills or tax returns, is essential. Proof of legal name change (like a marriage certificate) is needed if the claimant’s name differs from the reported owner’s name. Heirs typically need to provide the owner’s death certificate and documents establishing their entitlement, such as a probated will or small estate affidavit. Required documents vary based on circumstances, and failure to provide adequate proof can delay or lead to denial of the claim.
Contested Claims
Disputes can arise if multiple parties claim the same property or if the Unclaimed Property Division finds documentation insufficient. When faced with competing claims, the state administrator evaluates the evidence or may ask a court to determine the rightful owner through an interpleader action. If the division denies a claim, it must provide a written explanation. Under state law, a claimant can request an informal review or a formal administrative hearing to contest the denial. If unsatisfied after the administrative process, the claimant may seek judicial review by filing an action in court.
