Banks, businesses, and other organizations can now report their unclaimed property to the State of Nebraska, using a streamlined system developed by the Nebraska Treasurer’s Office, State Treasurer Don Stenberg said today.
The new in-house method was developed by the Information Technology Division of the State Treasurer’s Office and became available Oct. 3, just in time for unclaimed property holders to meet the Nov. 1 deadline for turning over property whose owners cannot be located to the Treasurer’s Office.
“We are pleased to offer a simplified method for submitting unclaimed property that is designed specifically for Nebraska’s needs,” Treasurer Stenberg said. “Our Information Technology staff has been working for the last six months to develop and test the system to make sure it operates smoothly and provides a positive user experience. Our goal has been to simplify the reporting process and to make use of the expertise and talent in our excellent IT Division.”
Banks, businesses, and other organizations, known as holders, are now able to create profiles, load records, and submit reports without leaving the Treasurer’s website at https://treasurer.nebraska.gov/up/holder-reporting/. Holders have the option to manually enter property and owner information or use an Excel template to upload records. Once records are loaded, the holder can easily edit or delete properties before submitting the report. Reports are archived on the holder’s profile for future reference. There is no charge to use the Treasurer’s reporting service.
In the past, holders have had to use a third-party software or web developer to create their report files and submit them to the Nebraska Unclaimed Property Division. One of those third-party providers is now charging for the service. The third-party services are still available and can be accessed from the Treasurer’s website, but the Treasurer’s Office does not provide customer support for those programs.
State law requires a bank, business, or other organization to file a report with the Unclaimed Property Division if the total value of the unclaimed properties it holds is greater than $10. If the total is less than $10, the business or organization may carry over the properties until the $10 threshold is met.
A business or organization that is unable to meet the Nov. 1 deadline for the annual report may request an extension, up to 90 days, by completing a form on the Treasurer’s website. This year’s annual report covers the fiscal year ending June 30, 2016.
Nebraska law requires that banks, financial institutions, businesses, and other organizations turn over to the State Treasurer each year property that has been abandoned or whose owners cannot be located for specific periods of time. Unclaimed property is generally cash, court deposits, utility deposits, dividends, insurance payments, lost IRAs or CDs, savings bonds, stock and mutual funds, wages, rebates, refunds, utility deposits, unused gift certificates, and abandoned safe deposit boxes.
Assets are held by the state until a claim is filed and verified. If the owners or heirs cannot be located, the property is held by the state in perpetuity.
“We appreciate the cooperation we receive from Nebraska banks, businesses, and organizations to help reunite owners with their lost property,” Treasurer Stenberg said. “Our office works diligently to promote awareness of our Unclaimed Property program and to help owners locate and document their property. We returned almost $12 million of unclaimed property to rightful owners in 2015, representing more than 15,000 claims paid. So far in 2016, we have returned more than $11 million and are on track for one of our most productive years ever. We are still holding more than $170 million for more than 350,000 Nebraskans.”
For more information, visit https://treasurer.nebraska.gov/up/ or call 402-471-8497.