A KEY US state is handing out surprise payments worth up to $1,000 from a pot over $400 million.
The cash is hitting bank accounts automatically thanks to a new law, with roughly 360,000 residents in line for the payments.
Financial assets and other property that have been abandoned or forgotten by their owners are referred to as unclaimed property.
Examples of unclaimed property include uncashed paychecks, forgotten checking and savings accounts, utility and security deposits, and the contents of safe deposit boxes.
After a certain dormancy period, businesses and financial institutions report unclaimed property to the state, which is required to hold the assets until the rightful owner claims it.
All states operate unclaimed property programs aimed at returning the funds to their owners, including Arkansas.
The Arkansas State Auditor‘s office is holding onto hundreds of millions in unclaimed property, with a new law going into effect earlier this month that permits the office to return the cash to current and former Arkansans.
Under Act 114 of 2025, the auditor can mail property worth between $50 and $5,000 to owners if they live in Arkansas and the auditor “reasonably believes” it belongs to them, even if they have not filed a claim for it, per The Arkansas Advocate.
The auditor’s office is sending letters to eligible Arkansans informing them that they can expect to automatically receive their check within 90 days.
The office is currently only handing out unclaimed property valued at $1,000 or less.
“For anything over $1,000, we are asking that people submit a signed claim form (which we will mail to them) along with a copy of their driver’s license for additional verification purposes,” spokesperson Stacy Peterson told Axios in an email.
She cautioned that businesses or residents who share property, such as married couples, are still required to file their claims online.
MAKE IT RAIN
More than $400 million in unclaimed property from around Arkansas is held in “perpetuity” until claimed by its rightful owner, State Auditor Dennis Milligan told The Arkansas Advocate.
Thanks to the new law, the auditor’s office expects to distribute roughly $83 million of the pot to around 360,000 Arkansans.
The average payout is expected to be a little more than $100, according to Milligan.
“The next two or three months is going to be a lot of fun for Arkansans, because the checks will start going out,” he said, noting that one in four Arkansans have money sitting in the unclaimed property program.
What is unclaimed property?
Unclaimed property refers to financial assets that have been abandoned or whose rightful owner cannot be located.
After a period of inactivity called the dormancy period, these assets are handed over to the state.
States have programs to safeguard these funds and help rightful owners or their heirs claim them.
Examples of unclaimed property include:
- Uncashed payroll checks
- Forgotten savings or checking accounts
- Stocks and uncashed dividends
- Security deposits from utilities or rentals
- Insurance payments or refunds
- Customer overpayments or refunds
- Traveler’s checks and unredeemed money orders
- Trust distributions
- Contents of safe deposit boxes
While Milligan’s office receives the cash from a number of sources, such as abandoned checking accounts and rebates, unclaimed property is more than just money.
It can also be physical property, with some of the most interesting pieces in the office’s possession being a telegram referencing a conversation with President Dwight D. Eisenhower, a $10,000 bill, and signed Nolan Ryan baseball cards.
Milligan admitted that reuniting residents with their unclaimed property can be a difficult task because many Arkansans are unaware that they are owed money, while others fear that the promise of free money is a scam.
Sometimes the property remains unclaimed for decades, as most people do not know that Arkansas’ unclaimed property program exists, Milligan said, something that still “amazes” him.
The state auditor has personally driven to the homes of residents who were owed hefty sums of cash from the program to try and convince them to fill out the claims form.
Before Act 114 was passed, residents were required to fill out a form and verify their identity before the auditor’s office would send them their unclaimed property, regardless of its value.
“This program is very, very important to me,” Milligan told The Arkansas Advocate.
“You know, $200 might not mean anything to one person, but it may mean the difference between being able to pay a utility bill or … put[ting] some food on the table.”
This program is very, very important to me. You know, $200 might not mean anything to one person, but it may mean the difference between being able to pay a utility bill or … put[ting] some food on the table.”
Dennis Milligan
Another state’s unclaimed property program, called Money Match, is handing out surprise checks up to $500 – there are two requirements.
Meanwhile, a $45 million unclaimed property pot in yet another state is being tapped into, with one man fearing the letter he received regarding the program was “fake.”
Around $83 million in unclaimed property will soon be sent out to around 360,000 Arkansans[/caption]
