Thousands of Arkansas residents could be owed money they never knew existed, thanks to unclaimed property laws in the state. From forgotten bank accounts to uncashed cheques, millions of dollars in dormant assets are waiting to be reclaimed.
What Counts as Unclaimed Property?
Unclaimed property includes a wide range of forgotten financial assets, such as:
- Dormant bank accounts
- Uncashed paycheques or dividends
- Utility deposits
- Insurance payouts
- Safe deposit box contents
How Does Property Become 'Unclaimed'?
Financial institutions and businesses are required by law to turn over assets that have been inactive for a specific period – typically 3-5 years. These funds are then held by the state until the rightful owner comes forward.
How to Check for Unclaimed Money
Arkansas residents can easily search for unclaimed property through the state's official website. The process is completely free:
- Visit the Arkansas Auditor of State website
- Enter your name or business name
- Review the search results
- Submit a claim if you find matching records
Pro tip: Try variations of your name and check under previous addresses, as properties are often listed under outdated information.
What Happens After You File a Claim?
Once submitted, claims typically take 4-6 weeks to process. You'll need to provide documentation proving your identity and connection to the property. Successful claimants will receive their money via cheque or direct deposit.
With millions still unclaimed each year, experts recommend checking annually – you might be surprised what you find!
