Is this yours? State launches annual payback program

By James B. Meadow, Rocky Mountain News (Contact)

Published March 30, 2008 at 11 p.m.

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Hey you, pay attention!

Yeah, you - the one who's about to kiss off the Great Colorado Payback again. The one who might be blowing a chance to redeem a Krugerrand, a $230,000 bank account or a personal letter from JFK. Of course, you might also be missing your chance to claim an empty can of Pringles potato chips or a pair of great-grandma's false teeth, but, well, there are no guarantees in life, right?

At least that was sort of the message spread Sunday by Colorado Treasurer Cary Kennedy, as the latest list - 80,000 strong - of Coloradans who are eligible for unclaimed lucre was made public. Not that Kennedy's remarks were the stuff of news conference legend. In fact, for a while, it seemed that the 1:30 meeting at the state's Unclaimed Property Division office was to be attended by a medium instead of the media.

But thanks to a quick infusion of three TV cameras, Kennedy was able to talk to more than just one newspaper guy. Still, she cared less about her media audience than the one she was trying to reach - the 1 million names in the state's data banks who have some kind of recompense coming from unclaimed bank accounts, stock, bonds, insurance policies or safe-deposit boxes.

"We are trying to give the people of Colorado back their lost and forgotten assets," said Kennedy, who is so serious about doing so that she personally called 10 people who might be eligible for a payback. And one of them might be due $35,000.

After a certain period of time, financial institutions are required to turn over unclaimed assets to the state, which holds said assets for another period of time, usually five years. After that time, when the vault storing the items starts to get a little crowded, the state will sell off some of the stuff.

"But we hold the money made from any sales for the rightful owner," emphasized Kennedy, explaining the state's role is "trustee," not predator.

"We have an obligation to hold these assets for whoever owns them," she said, explaining there is no statute of limitations on claiming what is rightfully yours. Of course, you'll need documentation, although for small claims, this may consist only of a photo ID and a Social Security number.

As you read this, the state has placed on eBay items like Krugerrands, a large pocket watch and a set of 12 silver teaspoons. Officials hope it won't someday have to put up matched wedding sets or that personal letter from President-elect John F. Kennedy to a supporter - items of great personal value.

Of course, some people's idea of what constitutes value can be a little strange. According to Unclaimed Property Division director Patty White, the state has opened safe-deposit boxes and found "an empty small box of Tide, the detergent, and an empty Pringles can. But that was regular size," she added, smiling.

She was still smiling when talking about finding baby teeth, false teeth, hair pieces, broken pencils, shopping lists and "unidentifiable substances in a Sucrets box."

Chances are, it wasn't for any of these things that people were calling the GCP on Sunday. With the release of the list, the state had three operators staffing the phones, fielding questions from people who saw their name on the list that was published in a local newspaper.

Now in its 21st year, the GCP has an estimated $300 million in unclaimed assets - and about 1 million individuals and businesses on its list of rightful recipients. But before you start dreaming of a windfall that Aunt Belinda forgot to tell you about before she died, be apprised that, according to Kennedy, "the vast majority" of claims are under $100.

But even a weeny claim can make you feel like Bill Gates. Take the case of that newspaper guy who showed up for the news conference. While there, he had a quick search performed and - lo! - it turned out that the state has been holding $37.65 from two forgotten long-ago accounts.

Hey, you - quit laughing. It beats an empty can of Pringles.

Great Colorado Payback

21 years in operation

$50 million is the estimated value of lost and forgotten property this year.

80,000 new unclaimed property owners

Information: Call 303-866-6070 or 800-825-2111 or go online to greatcopayback.com.

meadowj@RockyMountainNews.com or 303-954-2606

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