We no longer support this browser. Using a supported browser will provide a better experience.

Please update your browser.

Close browser message

Treasury and Payments

Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutions—from digital portals to integrated payables and receivables—all designed to make your operations smoother and more efficient.

Learn more about our treasury solutions:

Credit and Financing

Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology.

Learn more about our credit and financing solutions:

Commercial Real Estate

Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution.

Learn more about our commercial real estate solutions:

International Banking

Global opportunities mean global challenges. But real success means understanding the local markets you serve—which is why we bring the business solutions, insights and market perspective you need. 

Learn more about our international banking solutions:

Government

The right MATCH: Helping return $4 million to Delaware taxpayers

Our Government Banking team worked with Delaware’s Office of Unclaimed Property to help 25,000 people retrieve missing money.


Delaware’s Office of Unclaimed Property began working with JPMorgan Chase in 2020. Since then, our Government Banking team has helped return more than $4 million in unclaimed funds to 25,000 state taxpayers.

 

Objective

Find a more efficient way to return unclaimed funds to taxpayers

Like most government agencies, Delaware’s Office of Unclaimed Property is often asked to do more with less—all while trying to reduce costs and improve efficiency. One particular pain point: returning unclaimed funds to taxpayers. For years, the state used a manual process to prepare and mail checks to each person who was entitled to a claim, a timely and costly way to operate.

What is unclaimed property?

It can include money left in old bank accounts, uncashed paychecks, unused balances on gift cards, unreturned utility deposits, uncollected insurance payments, and forgotten stocks and dividends. It does not include real estate or vehicles.

Solution

Use automated tools to streamline the process

JPMorgan Chase’s Government Banking team helped streamline the payments portion of Delaware’s MONEY MATCH program. The program uses technology to identify unclaimed funds and return them to the rightful owners based on recent state tax filings—without owners having to file a claim or submit additional paperwork. The program works by matching the state’s unclaimed property database with verified name, address and taxpayer identification numbers. Once a successful match is made, a check is mailed to the owner.

JPMorgan Chase orchestrated the program’s check processing from setup to distribution. Each check comes with a letter explaining the program to help avoid potential fraud concerns from taxpayers receiving an unsolicited check. Recipients can visit any local JPMorgan Chase branch to cash their check. Even if they don’t have a JPMorgan Chase account, the transaction has no fees.

Results

Faster payouts—when people needed them most

Before the program, the Office of Unclaimed Property spent five to 15 minutes of staff time on every unclaimed property claim. The office estimates it has saved between 2,000 and 6,000 hours since the program’s rollout, allowing employees to process other claims faster.

The program was implemented during the COVID-19 pandemic. By updating the payment process, the Government Banking team and Delaware’s Office of Unclaimed Property were able to return extra funds to thousands of families during a challenging time—faster and without requiring the filing or review of a claim.

$4 million

Returned to taxpayers—all automatically

2,000+

Employee hours saved since the program’s launch

400-1,250

Employee hours saved per year, freeing up staff to process other claims faster

© 2022 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.

Technology Government Community Impact

Get in Touch and Stay Informed

icon
Loading...