Florida returned $1B in unclaimed property to residents, but more can be claimed

Brokerage firms say clients increasingly asking about tax advantages of Florida: Gasparino

Sources tell FOX Business’ Charlie Gasparino brokerage firms are saying there could be a mass exodus of wealthier New Yorkers.

Floridians have been reunited with $1 billion in unclaimed property, according to the state’s Chief Financial Officer Jimmy Patronis, but there is more money and valuables that can be claimed

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One in five Floridians have unclaimed funds from a forgotten financial account, according to Florida Treasure Hunt, a government initiative under the Division of Unclaimed Property at Florida's Department of Financial Services, which connects residents to money or property they may not have known they were even missing.

HOW TO FIND YOUR MISSING MONEY

During the last year, Florida officials returned $323 million to Floridians.

In a public address that was posted to Twitter on Monday morning, Patronis announced the billion-dollar milestone and said the amount that has been returned to Florida residents is equivalent to “an average of nearly $1 million a day for the last three years.”

By the government agency’s definition, “Unclaimed Property is a financial asset that is unknown or lost, or has been left inactive, unclaimed or abandoned by its owner.”

WHAT HAPPENS IF YOU FIND TREASURE?

Most common unclaimed property types include dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances and refunds as well as contents from abandoned safe deposit boxes.

Unclaimed property is typically handed over to the Florida Department of Financial Services from businesses that have failed to reunite money or goods to their rightful owners after set period of time, which is usually around five years.

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Florida residents who wish to search for unclaimed property are urged to visit the FLTreasureHunt.Gov website and enter their name or business name into the system to begin their financial investigation, which takes about 30 seconds, according to the website.

The website also provides resources, reports and event information to assist searchers.

Throughout the coronavirus pandemic, the FLTreasureHunt.Gov team has been working remotely to help residents with their claims. Inquiries receive a response within three to five business days.

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