In September, Vermont State Treasurer Mike Pieciak spent two days traveling across all 14 counties, returning over $150,000 to businesses, nonprofits, and service providers. This was part of an effort to return some of the $130 million in unclaimed property held by the Treasurer’s Office.
The state’s unclaimed property fund has increased by over $30 million in the last decade, likely due to the rise of online accounts, according to Pieciak. “It’s crucial to return this money to people, especially with rising costs and inflation,” he said during a Norwich interview.
Unclaimed property includes forgotten assets like uncashed checks, old bank accounts, security deposits, and insurance proceeds. Most of this money is kept in the Treasurer’s Bank Account or in the state’s general fund, while physical items such as gold coins and tea sets are stored in safety deposit boxes.
Pieciak, a Democrat from Winooski, was re-elected for a second term last week and has been actively working to return these funds. His recent tour not only helped return money but also raised awareness, which Pieciak said has been effective. Despite the growing fund, the office saw a record 19,000 claims last year, totaling $5.8 million, and is on track for 24,000 claims by the end of this year.
“People can claim their unclaimed property, no matter how long it’s been,” Pieciak emphasized. On Wednesday, he delivered about $1,300 in unclaimed property to the Valley News, which will use the funds for its internship program.
Pieciak encourages everyone to check for unclaimed property, even if they don’t live in Vermont, especially near state borders. He also makes it a point to visit local nonprofits and businesses during his travels. After stopping in Norwich, he went to Springfield, returning $40,000 to the town, Springfield Hospital, and North Star Health.
For claims, people can visit missingmoney.com and search for their name. If property is found, a check is mailed within 90 days. Claims under $200 are processed faster. The Treasurer’s Office is also piloting a program with other state departments to verify businesses and nonprofits’ information and send checks directly, streamlining the process.
Pieciak said, “When we proactively return the funds, we hear great stories about how it helps people, businesses, and nonprofits. Money is better in the pockets of Vermonters.”