A manager recently told me about an association that lost some money. Specifically, one of the association’s long-term Certificates of Deposit was turned over to the State of Colorado. In this situation, the bank had apparently sent correspondence to the association’s former management company and then turned over the account to the State when no response was received within 30 days. The property manager was totally baffled and not sure how to get the money.
The Great Colorado Payback website shows that the State is holding funds for this particular association, and the manager will need to go through a claims process to get the money. Unfortunately, the association won’t get interest that accrued during the time the State has held the funds. I don’t have all the details – and haven’t heard yet if there’s a “happy ending” – but other associations may benefit from knowing that their accounts can get transferred to the State.