Check for Unclaimed Property At Least Once A Year
Posted: November 16, 2017
Unclaimed property refers to financial accounts, safe-deposit boxes, etc. when there hasn’t been any activity on the account for 1-3 years, depending on the type of account. There is an estimate 58 billion of unclaimed property in the U.S.
Wisconsin has adopted the Uniform Disposition of Unclaimed Property Act of 1954, which requires unclaimed property be turned by the holder of that property to the Wisconsin Department of Revenue. If it isn’t, Wisconsin can impose a penalty of $100 a day. The Act also requires the DOR to keep a searchable record on unclaimed property. However, Wisconsin is not obligated to notify you if they are holding unclaimed property that rightfully belong to you. Instead, it’s up to you to check. If you don’t, then the unclaimed property will revert to the state after 5 years.
Fortunately, this link can be used to easily check for unclaimed property. https://www.revenue.wi.gov/Pages/UnclaimedProperty/Home.aspx. We recommend you do so at least once a year.