​Bolstering Utah’s Economy and Self-sufficiency

Millions of dollars in unclaimed property are turned over to the state every year from sources like overpaid bills, uncashed checks, and unpaid insurance benefits. Treasurer Oaks is responsible for reuniting lost money with rightful owners. 

Accomplishments:

• The Unclaimed Property Division of the Office of State Treasurer is automatically sending out checks to Utahns through the MyCash Now program, the most significant development since the division was established in 1957. Under Treasurer Oaks’ leadership, the office created a new Unclaimed Property program called MyCash Now. Utah Tax Commission data and Unclaimed Property Division data are securely matched to verify an owner’s identity and recent address. Treasurer Oaks can then automatically issue a check to rightful owners who are owed $2,000 or less without requiring them to file a claim.
• More than $95 million in unclaimed property have been returned to Utahns since Treasurer Oaks took office.

Treasurer Oaks oversees the work of the Utah Council on Financial and Economic Education (UCFEE), a collaborative effort with 50+ partners to empower Utahns to achieve economic stability, opportunity, and upward mobility. UCFEE was created by a legislative resolution in 2009.

Accomplishments:

• Treasurer Oaks’ office worked with the State Board of Education on improving Utah’s General Financial Literacy High School Strands and Standards and End of Course examination to empower high school students to gain important personal finance knowledge and skills.
• Treasurer Oaks’ office administers the Utah Treasurer’s Investment Challenge, a simulation of Wall Street trading that provides a framework for teaching Utah students in grade 4-12 about the U.S. economy and financial markets.
• Treasurer Oaks’ office hosts an annual financial empowerment conference directly serving more than 800 Utah women.