Tallahassee, Florida – Aiming to restore billions in unclaimed property to citizens and companies all throughout the state, Florida Chief Financial Officer Jimmy Patronis started the 2024 Holiday Money Hunt as the holiday season gets underway. With almost $3 billion in unclaimed assets ranging from inactive bank accounts to forgotten safe deposit box contents, the project is poised to provide surprising holiday pleasure to many Floridians.
Basically, unclaimed property is money or other assets left unclaimed after they have been detached from their owners. Among common forms are dormant bank accounts, unclaimed insurance money, equities, uncashed dividends, and even contents from closed safe deposit boxes. These assets can go unclaimed because owners forget about accounts, move without forwarding addresses, or heirs are not known to exist.
Under Florida law, the state keeps these unclaimed assets under custody until they may be released to their proper heirs or owners. After a period typically extending to five years, financial institutions, insurance companies, and other entities are obliged to report unclaimed property to the Florida Department of Financial Services. Once turned over to the state, owners can collect these assets at any moment; there is no legislative restriction.
“I’m thrilled to kick off the 2024 Holiday Money Hunt and raise awareness about unclaimed property in Florida. The holiday season is a time when a little extra cash can go a long way, and an unexpected check from the State of Florida could brighten the festivities for many. Over the next two months, I’ll be working hard to spread the word about this incredible opportunity. Did you know that one in five Floridians has unclaimed property just waiting to be discovered? It only takes a few minutes to check—visit FLTreasureHunt.gov and see if some holiday cheer is waiting for you,” said CFO Patronis.
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Given one in five Floridians apparently have unclaimed property waiting for discovery, this year’s campaign carries more of a call to action. Through the FLTreasure Hunt.gov website, where citizens may search their names or companies and start claims procedures, the state has made it simpler than ever to check and claim these assets.
The breakdown of unclaimed property by region underscores the breadth of potential impact:
- Miami leads with approximately $1 billion in unclaimed property.
- Tampa/St. Pete residents could reclaim up to $666 million.
- Orlando’s unclaimed funds total around $528 million.
- West Palm Beach has $382 million waiting to be claimed.
- Jacksonville’s unclaimed property sums up to $212 million.
- Fort Myers/Naples region holds about $177 million.
- Lesser but still significant amounts are available in Pensacola ($75 million), Tallahassee ($53 million), Panama City ($40 million), and Gainesville ($40 million).
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CFO Patronis has supervised the restoration of around $2.6 billion to proper owners since assuming office in 2017. His passion to this subject shows a more general commitment to improve financial literacy and security for Floridians.
Traditionally, the holiday season is one of giving and receiving; the Florida Department of Financial Services wants to add a bit of surprise and delight for many people with the Holiday Money Hunt. Every little counts, whether it’s a little sum from an old account or large amounts from stocks and bonds—especially during a time of year when expenses can soar.
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To see whether they have unclaimed assets, Florida residents are advised to visit FLTreasureHunt.gov. The procedure is free and fast, and it offers the possibility of a fulfilling discovery that can brighten the holiday season even more.
For b-roll video of the Florida unclaimed property vault and examples of unclaimed items, please click here.
