Frequently Asked Questions

• What is unclaimed property?

  Unclaimed Property is unclaimed or abandoned intangible property. Unclaimed property can be checking accounts, savings accounts, stocks, bonds, mutual funds, utility refunds, items stored in safety deposit boxes and more.

• How does property become unclaimed?

  There are many reasons why property becomes unclaimed. A few of these include errors made while updating a change of address, changing a name due to marriage or divorce, the death of an owner, or simply forgetfulness. Most property is considered abandoned if it has been inactive for five years. Wages and utility deposits become unclaimed after only one year.

• Does unclaimed property include real estate, boats, or cars?

  No. However, some tangible items such as jewelry, gems, coins, and stamps are reported by financial institutions, hospitals, and hotels as unclaimed property.

• Does unclaimed property include items left in rental storage units and vacant apartments?

  No. When a rental customer leaves items behind in a rental or storage unit, the business owner may sell the items to recover uncollected fees, if any, for the services provided. But if the items are sold for more money than is needed to cover the bill, the business owner is required to report the excess funds as unclaimed property due to the rental customer. Many rental agreements address this issue.

• What does the State of Idaho do with the unclaimed property?

  The State of Idaho serves as the custodian for Unclaimed Property. Per Idaho code effective 2012 all property will remain available forever.

Claimant Information

• How long do I have to claim my property?

  The State of Idaho serves as the custodian for Unclaimed Property. Per Idaho code effective 2012 all property will remain available forever.

• Who is able to claim the abandoned or unclaimed property for a deceased relative?

  If the owner of the property is deceased, the nearest living relative or heir of the deceased, or the court-appointed executor or personal representative of the estate may claim the property. If the deceased owner did not indicate a specific distribution of his assets in a will or beneficiary statement, relatives have the right to claim the property in the order indicated in the Uniform Probate Code's "Line of Consanguinity", which is as follows:

  • The surviving spouse
  • Children
  • Grandchildren
  • Parents
  • Brothers and Sisters
  • Nieces and Nephews
• What type of documentation must be provided to claim a deceased owner’s property?

  Claims made on accounts for which the original owner(s) are deceased must include a copy of the death certificate(s) for all deceased owners listed on the account (photocopies of death certificates are acceptable). Documentation must also be included showing that the claimant is either the nearest living relative or heir of the deceased, or court-appointed executor or personal representative of the estate. If the deceased owner had a will, it should be provided.

• What if my name has changed?

  Documentation of the name change such as a marriage certificate, divorce decree, adoption papers, or certificate of name change should be provided.

• What if my address has changed?

  If the address reported for the unclaimed property is a previous address, the claimant may document the address by including a postmarked envelope, bill, canceled check, or other document that shows the owner lived at the reported address.

• What if there are two or more names reported as owners for the property?

  Some types of unclaimed property have been reported as belonging to two or more individuals jointly. In most cases the funds will be issued on one check payable to both or all of the individuals. If there is a reason for the funds to be distributed separately, such as a divorce, additional documentation must be provided.

• How long will it take the State of Idaho to process my claim and return my property?

  Claims are processed in the order they are received and it is our goal to process your claim as quickly as possible. Under Idaho Code, we are required to consider your claim within 90 days of receiving it.

Business/Holder Information

• Under what circumstances is unclaimed property reported to the state?

  If the property in question has not had any activity within a certain period of time (generally 5 years) and the holder is unable to locate the property owner, it is considered abandoned and must be reported.

• Where is unclaimed property reported?

  The Unclaimed Property Law requires all businesses and state agencies to report unclaimed property to the state where the owner was last known to reside. Other rules apply if the business does not have a record of the owner address.

• What are businesses required to do to locate the rightful owner?

  By law, businesses must make a good-faith effort to locate the true owner(s) before reporting the unclaimed property to the appropriate state(s). Idaho law requires that a written notice be sent to the owners at their last known address when:

  • The address for the owner appears to be accurate
  • The property has a value greater than $50 dollars

  These letters are referred to as "Due Diligence Letters" and must be sent not more than 120 days before the property is due to be reported. The business needs to identify the property that is being held for the owner and inform him that the property may be turned over to the state.

   Example Due Diligence Letter

• Are businesses required to send "Due Diligence Letters" by certified mail?

  No. Each state has their own requirements, but Idaho does not require certified mailings of due diligence letters.

• When the statements or notices that I send are not returned by the post office, doesn’t this prove that the owner is aware of their property?

  No. There are a variety of circumstances and reasons why a statement or notice may not be returned by the post office. The mail may have been delivered incorrectly and the recipient may simply not bother to send the mail back to the post office. It is possible the mail was delivered to the owner correctly, but was discarded accidentally as junk mail. Unfortunately, there is no way to know for certain. It is the responsibility of the business to prove that the property is not abandoned.

• How can holders of unclaimed property prove that property has not been abandoned?

  If you can show that the owner initiated a transaction or has more than one account, one of which is active, this would be sufficient proof. You may wish to cross-reference these accounts to avoid reporting the inactive account while the customer is still actively doing business with your organization. Also, correspondence from the customers, such as signed W-9 forms (Request for Taxpayer Identification Number and Certification) or change of address notifications is proof of awareness.

• What is the deadline for filing unclaimed property reports?

  The unclaimed property report must be filed by November 1st.

• Can a Holder request an extension?

  All requests for extensions must be in writing and submitted to the Unclaimed Property Administrator before the November 1 reporting deadline. Requests may either be emailed to UCPBusinessQuestions@sto.idaho.gov or faxed to (208) 332-2970. For your request to be considered please include the following information:

  • Company Name
  • FEIN
  • Reason for extension
  • Length of extension requested
  • Declare what corrective measures will/have been taken

• Is a business required to file a report each year even if there is nothing to report?

  No. Idaho requires a business to file a report if they're holding property that is required to be reported.

• Is a business required to report property with a value of $50 or less?

  Idaho exempts property valued at $50 or less from being reported if you are incorporated in Idaho. You may report this property voluntarily, but it is not required. However, you must report property valued at $50 or less when it belongs to individuals or businesses with an address in another state, or if your business is incorporated in another state.

• Can a business turn over unclaimed property to the State of Idaho early?

  Yes. Businesses may report property before the normal dormancy period has passed under the following conditions:

  • The business has tried to contact the individual
  • The business has allowed a reasonable period of time for the individual to contact them
  • Idaho's unclaimed property administrator has granted permission to the business to report early.
• Can a business request reimbursement from the State of Idaho for property already reported?

  Yes. If the owner receives payment directly from your business, the State of Idaho's Unclaimed Property Office will reimburse you. You must send a written request for reimbursement on your company's letterhead, a copy of your photo identification along with proof that the owner has received the property, such as a photocopy of the canceled check from your bank statement.

• Does the State of Idaho charge interest or penalties for not reporting unclaimed property?

  Yes. Interest is assessed at a rate of 12% per year on the value of the property from the date the property should have been paid or delivered to the state. Failure to pay or deliver property within the prescribed time may be assessed a penalty on the value of the property from the date the property should have been paid or delivered to the state until actual delivery is made.

Heir Finder / Fee Finder

• What is an heir finder?

  An heir finder is a company or individual who can assist the owner of unclaimed property with locating and claiming funds. Heir finders charge a fee, usually a percentage of the value of the property recovered, for their assistance. The State of Idaho's Unclaimed Property Office provides this service free of charge.

• Are there any special rules in Idaho’s Unclaimed Property Law that apply to heir finders?

  Yes, under Idaho's Unclaimed Property Law, no person or company is entitled to a fee for discovering abandoned property until it has been in the custody of the state for at least two years. Idaho does not have any special licensing requirements for heir finders.

• What should I do if someone offers to help locate my unclaimed property for a fee?

  We highly recommend you use our FREE service to locate unclaimed property. An heir finder is an individual or company that can assist the owner of unclaimed property with locating and claiming funds. Heir finders charge a fee, usually a percentage of the value of the property recovered, for their assistance. The State of Idaho’s Unclaimed Property Office provides this service free of charge.

• Is there a limit to the amount or percentage that an heir finder can charge for their services?

  Some states have passed legislation that regulates the activities of heir finders. These states may require the finder to have a private detective’s license and/or may limit the percentage that they are able to charge.

  Idaho does not currently regulate finders or limit their fees, but if the funds have been held by the state for less than two years, the finder’s contract is unenforceable and the total amount will be remitted directly to the owner.

• Does the State of Idaho sell the unclaimed property list?

  No.