New Jersey Assemblyman Avi Schnall (D-Lakewood) is pleased to announce that his office is actively participating in the New Jersey State Treasurer’s initiative to return unclaimed property to its rightful owners. As part of this effort, constituents of District 30 should be on the lookout for letters arriving in the mail about this program, which aims to help residents reclaim lost or forgotten assets that are currently being held by the state.

“Many of our residents may not even be aware that they have unclaimed property waiting for them,” said Assemblyman Schnall. “This could include old bank accounts, uncashed checks, or other assets that have gone dormant. We urge everyone to keep an eye out for these important mailings, and to take action if they believe they are entitled to any of these assets.”

The State of New Jersey’s Unclaimed Property statute mandates that financial institutions and businesses report inactive accounts and assets to the State Treasurer after a set period of inactivity. The state’s Unclaimed Property Administration (UPA) is responsible for holding these funds and returning them, with interest, to their rightful owners.

Constituents are encouraged to visit the UPA website at www.unclaimedproperty.nj.gov to check if they have any unclaimed property. The site offers a free search tool, allowing residents to look up property by name. If unclaimed property is found, the website provides clear instructions for filing a claim.

Assemblyman Schnall reminds constituents that filing a claim is completely free through the UPA, and advises against using third-party companies that charge a fee to assist with claims.

“We want to ensure that this process is simple and free for everyone. If you receive a letter in the mail about unclaimed property, I encourage you to visit the UPA’s website and follow the steps to recover what is rightfully yours,” Schnall added.

In Fiscal Year 2024, UPA returned $261.4 million in assets, the result of 109,181 claims paid by the agency. This effort far surpassed UPA’s previous record set in Fiscal Year 2023, when $202.95 million in assets were returned via 73,686 claims paid. In 2022, $164.13 million in assets were returned via 50,867 claims paid. More than $2.7 billion has been returned since the inception of the program.

If constituents have questions or need assistance with filing a claim, they can contact the UPA directly via email at unclaimedproperty@treas.nj.gov or call the UPA hotline at (609) 292-9200.