If you own a business, I’m sure you’ve noticed that sometimes an employee or a vendor doesn’t cash a check. Or maybe you’ve noticed that a bank account hasn’t been used in years. Who owns that property? Those funds are still the property of the employee, the vendor or the account holder. Most states have laws designed to gather and return lost or forgotten property to its rightful owners.
In Rhode Island, unclaimed property is turned over to the RI General Treasury if there has been no activity for three years. For wages and utility deposits the time period is only one year.
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Any business with two or more employees should file a report with the General Treasurer’s Unclaimed Property Division listing the abandoned property.
What will the State do? The State will publish a list of the unclaimed property and try to reunite the property with its rightful owner.
An individual should visit the General Treasurer’s web site which has a cumulative list of unclaimed property dating back to the 40”s. RI General Treasury - Unclaimed Property
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