99.9% of District of Columbia Residents Overlook $2.8 Billion in Unclaimed Property

What is Unclaimed Property?

Unclaimed property refers to assets that have been left inactive for a certain period of time, are considered lost or abandoned, and have not been claimed by their rightful owners. These assets often include:

• Dormant bank accounts
• Overdue insurance payments
• Uncashed checks
• Utility deposits
• Safety deposit box contents

District of Columbia Unclaimed Property Statistics

According to the District of Columbia Department of Consumer and Regulatory Affairs (DCRA), approximately $2.8 billion in unclaimed property is currently being held by the District. This staggering amount is equivalent to nearly $1,000 per District resident.

Types of Unclaimed Property in the District of Columbia

The DCRA maintains a comprehensive database of unclaimed property, categorized into various types:

How to Claim Unclaimed Property in the District of Columbia

Claiming unclaimed property in the District of Columbia is a relatively straightforward process:

1. Search the DCRA Database: Visit the DCRA Unclaimed Property Database and search for your name or the name of a deceased relative or friend.
2. Complete the Claim Form: If you find property that belongs to you, complete the online claim form or download a mail-in form.
3. Provide Proof of Identity: Submit documentation to verify your identity, such as a driver's license or passport.
4. Receive Your Property: Once your claim is approved, the DCRA will send you the unclaimed property.

Tips for Finding Unclaimed Property

• Search Multiple Names: Use different variations of your name, including nicknames, maiden names, and middle names.
• Check Joint Accounts: Property held in joint accounts may not be listed under your name alone.
• Consider Deceased Relatives: Unclaimed property can pass to heirs after the owner's death.

FAQs

• Q: Is there a deadline to claim unclaimed property?
  A: No, there is no deadline to claim unclaimed property in the District of Columbia.

• Q: What happens to unclaimed property if it is not claimed?
  A: Unclaimed property is generally turned over to the District of Columbia government, and the proceeds are used to fund public programs.

• Q: Can I claim unclaimed property for someone else?
  A: Yes, you can claim property for a deceased relative or friend by providing proof of relationship.

• Q: What happens if I lose my claim form?
  A: Contact the DCRA at (202) 442-4429 for assistance in obtaining a new form.

• Q: Can I amend my claim?
  A: Yes, you can amend your claim if you provide additional documentation or information.

• Q: How long does it take to process a claim?
  A: Processing times vary, but the DCRA typically aims to process claims within 30 days.