Unclaimed Money in the State of Wisconsin
The State of Wisconsin is reported to hold plenty of Unclaimed Money of its people. According to the latest statistics published by the Wisconsin Department of Revenue around 500 billion dollars are with the revenue department that needs to reach its lawful owners. In 2017, the state united 25 million dollars of unclaimed cash with its rightful owner. This state has an Unclaimed Property Law that was enacted upon in the year 1970 according to which, there shall be a single location available for the state’s residents to claim their unclaimed cash and forgotten property. Here are some easy ways by which one can claim their unclaimed money in the State of Wisconsin.
Is There Unclaimed Money in Wisconsin State?
Since 2013, the State of Wisconsin has been returning unclaimed money to its owners robustly. The Department of Revenue of the Wisconsin State is active in tracing lost and Unclaimed Money through many ways. Business organizations and individuals are expected to fill their property holder report using Holding report software authorized by the DOR. For any further information on how to submit details about holder reporting one can click here. Any money that is lying inactive for a period of 1 to 5 years is proclaimed unclaimed fund.
Unless the cash is listed in the holding report as mentioned above, it will be treated as unclaimed money. Also there can be cases when the holder of the money is unable to trace the rightful owner due to change of address or state to state location change. In such cases also the money goes into unclaimed cash pile. This cash lies with the department of revenue and they act as custodian for the same unless the rightful owner places a claim request. If no one claims, then these funds are held with department of revenue at the Wisconsin state for an infinite period of time. Generally, the following assets are listed under unclaimed property if the owner has forgotten or abandoned its existence namely.
- Savings account
- Checking accounts
- Travelers' checks
- Pension and wages
- Property with no will
- Stocks and mutual funds
- Unclaimed dividends
- Matured and unclaimed insurance policies
- Un-cashed death benefit checks
- Deceased bank accounts
The cash that is collected from the above causes are termed as unclaimed cash and the rest tangible and intangible properties are termed as unclaimed property.
How to Claim Unclaimed Money in the State of Wisconsin?
Any owner of the unclaimed money is allowed to claim his cash from the custody of DOR in the state of Wisconsin. The state by itself tries to locate owners so that they can get unclaimed money with less hassle. The Department of Revenue
- Maintains an online searchable database of unclaimed money. They also time to time publish the list so that the common man can see the list and get back their money at the earliest.
- Annually advertises the unclaimed property through newspapers and other agencies.
- Tries to match the name of unclaimed property owners with public record information so that if the owner has forgotten his money that was safely deposited in any bank or other holding agency, he can be notified to claim the same.
- Attempts to match the name and social security number of the unclaimed fund owners with Wisconsin tax records.
If the Wisconsin state finds a match, they issue a refund check to the unclaimed cash owner soon. For more details, one can refer here.
Follow These Steps to Claim Unclaimed Money in Wisconsin
The state of Wisconsin’s unclaimed property website is the go-to place through which one can reach out to their government unclaimed funds. If one has moved out from any other state and is currently residing in Wisconsin, they can check their state’s unclaimed property page first and then visit Wisconsin’s property page. The search page is elaborate and one can even use a finder service ( for an additional processing fee) to speeding the process. Through the state’s unclaimed property search page, one can place a claim request, check its status and submit document proofs if required.
For more details one can contact the below address and place their claim request
WISCONSIN DEPARTMENT OF REVENUE
PO Box 8982
Madison, WI 53708-8982
Phone: (608) 264-4594