Showing you the money!
Tuesday, July 03, 2012
The office of the Missouri state treasurer claims to be holding about $700 million in unclaimed assets from more than 4.3 million owner accounts. Although 1 in 10 Missouri residents has unclaimed property and many have gotten back on average $300, there are others with unclaimed accounts that contain only pennies and as many as 61 accounts with more than $100,000, including one account in Jasper County!
“After breaking the record back on June 6, my team used the final three weeks to return more than $1.7 million to 7,000 account owners – this is how we are working for Missourians every day,” Treasurer Clint Zweifel said. “I never charge a cent to return your property, you can find your property online, register your information for email notifications of new property and more than 50 percent of individuals can even claim that property online. The average wait for payment is down to 10 days right now too. Putting that in perspective, the average wait was 43 days before I took office in 2009.”
"Unclaimed Property" was created in 1985, and became part of the state treasurer’s office in 1993. The previous return records, set in fiscal year 2011, were $36 million in unclaimed property to 120,000 accounts.
State law requires financial institutions, insurance companies, public agencies and other business entities to turn over assets to Zweifel’s office that belong to a customer, client, employee or other owner if there have been no documented transactions or contact with the owner for five or more years. Most Unclaimed Property consists of cash from bank accounts, stocks, bonds and contents of safe deposit boxes that have been abandoned. It also can include uncollected insurance policy proceeds, government refunds, utility deposits and wages from past jobs. Zweifel’s office does not handle real property such as land, houses, cars and boats.
A person should go here and put his or her name (last name, a space and some letters of first name) in the box provided. If there is outstanding money in any account titled with a similar name, the amount will appear along with an address. If any name and address is recognized, then instructions for claiming the money appear.
By the way, Zweifel warns not to reply to any e-mails claiming that the recipient is owed money in unclaimed property. This type of scam intended to steal personal information has racheted up nationwide. His office does not send unsolicited e-mails.