Once we receive your claim form and documentation in our office the claim process starts. Our goal is to process all claims as quickly as possible. The below tabs gives you a description of the process and what to expect.
- How Long
- Approval Process
On average it takes about four to six weeks for you to receive your property. There are various factors that can reduce or increase this time. Some examples include: Did you provide all the required documentation, Peak periods or higher volume will delay the processing time, and complex claims or claims with securities will take longer.
Below is an explanation of the approval process that your claim will go through.
First when you mail us your claim it is received in our mail room. All mail is sorted and distributed to the different divisions in the Treasury Department.
Once received in the Unclaimed Property Division your claim is logged into our system and assigned to a claims examiner. That claims examiner will work the claims in the order they are received.
The claim will then be reviewed for the required documentation based on the unique circumstances of your claim. See Proving Ownership for the most common required documentation. If not all the requested documentation was received or if based on the circumstances additional documentation is needed the claims examiner will mail a request to you for the additional documentation.
When all the required documentation is received the claims examiner will approve your claim. Claims will require multiple levels of approval depending on the circumstances of your claim.
Once your claim has completed the approval process it is sent to initiate payment. There are two types of payments: Cash and Securities. Below is an explanation for both of these.
Cash: If you are to receive cash then your claim is forwarded to another division that will issue a new state warrant (check) for your claim. Your check will be mailed to you at the address you provided on your claim form. The Unclaimed Property Division is unable to print your check and does not have access to your check for you to pick-up at our office.
Securities: If you had securities on your claim we will contact our custodian to start the transfer of those securities back to you. In most cases the company or fund that your securities are for will mail you a statement directly. This statement will reflect that the securities have been transferred into an account in your name. If you want to sell or transfer the securities you will have to contact the company or fund on your statement to do so. In addition the company or fund may require you to complete some additional documentation before they transfer your securities back into your account. We have no control over their requirements or how long it takes them to make the transfer.