It’s payback time for Coloradans | PostIndependent.com
YOUR AD HERE »

It’s payback time for Coloradans

Colorado State Treasurer Mark Hillman took to the snowy highways Friday to promote what he calls the “Great Colorado Payback.”It’s a state program that allows people who have lost track of an idle bank account with a positive credit balance to get their money back. State law requires banks to forward to the state money in accounts that have been untouched for five years or more. The program also applies to forgotten stock certificates, retirement accounts, rebate checks, reimbursements or paychecks from businesses, state tax rebates and safe deposit box contents. Each year Hillman releases a list of people who have accounts that have been relinquished to the state after five years of no activity. Five years was chosen as the cutoff time because more than two decades ago, the Legislature reasoned that such a time period was long enough to differentiate between abandoned and active accounts, Hillman said. “When we release the new list (of names), our objective is to make as many people aware of this list as possible (and) come to our Web site,” he said. “A lot of people are surprised to find out that they did actually forget about an account.”Hillman maintains an online list of over 500,000 names whose money or property is available from the state. In Garfield County alone, more than $1.3 million in forgotten goods and cash are being held by the state. And just in case you lost a rather large chunk of change, $15,276 – the highest amount for anyone in Garfield County – is awaiting somebody who left it sitting in a bank account somewhere. In Mesa County, someone forgot about a whopping $166,759. Hillman said account holders’ contact information disappears into the ether when they move, requiring the state to post names online so the owners can get their money. “Online we have over 1 million names that have been in the program since 1987,” Hillman said. The list of the 5,855 people and businesses in Garfield County with property awaiting them will soon be available in local libraries, he said. For those who have left the state, a national Web site, http://www.missingmoney.com, lists names of those who have forgotten money, he said. For more information log onto http://www.greatcopayback.com or call (800) 825-2111.Contact Bobby Magill: 945-8515, ext. 520bmagill@postindependent.com


Support Local Journalism

Support Local Journalism

Readers around Glenwood Springs and Garfield County make the Post Independent’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.

 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User