When Gary Barlow, owner of Yes! Print & Copy, sold his business 3 years ago, he had no idea there would be a $539 refund check from his paper company that never made it to him. Gary is not unique. Every year, millions of dollars go unclaimed in the State of Utah because businesses don't know about Utah's Official site for Unclaimed Property.
Statistically speaking, half of new small businesses go out of business within the first five years. Thousands more businesses move locations, change accounting personnel or just have a wrong address listed with a vendor. Because of this, oftentimes refund checks, utility deposits, duplicate payments and other money never makes it to the rightful business owner.
Here are 5 simple steps to see if your company has unclaimed cash:
- Go to mycash.utah.gov
- Enter your business name in the database field.
- Once you find your business name, check the box next to all your applicable claims and add the claims to your bucket.
- Select your relationship to the claim and submit the claim as a Guest or a Registered User.
- Follow the instructions on the form or call our office with any questions.
So, whether your business went through a change or has been operating in the same location for 50 years, it’s highly likely that you have unclaimed cash. And, even if you’re not the business owner, send your boss a note about their unclaimed cash and tell them to think of you during company bonus time.