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Office of Program Policy Analysis and Government Accountability

Review of the Abandoned Property Program Within the Department of Banking and Finance, Report No. 97-24, December 1997
Full report in PDF format

  • Contrary to Department projections, recent legislative changes have had little net effect on the Abandoned Property Program’s workload.
  • Using database searches followed by direct mail is more cost-effective than solely using newspaper advertisements to identify and notify abandoned property owners.
  • Privatizing all or part of the Program’s operations may be feasible but will require the Department to reassess its methods for conducting cost benefit analysis and carefully develop contract requirements.
  • While private "heir finder" companies can help locate owners, these companies tend to concentrate on large accounts and charge contingency fees for their services. The Legislature may wish to consider statutory amendments to better protect owners from paying unnecessary heir finder fees.
  • In anticipation of privatizing the Program, the Department delayed several key activities that will now have to be performed internally.

Which Government Program Summaries contain related information?

Department of Financial Services

What other OPPAGA-related materials are available?

  • Report No. 99-13 Progress Report: Unclaimed Property Program, published in November 1999.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
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