Iowa is returning money
Iowa Treasurer Michael Fitzgerald is surprising Iowans with money they did not know they had.
Ogden Olson was surprised to learn that he was the rightful owner of approximately $2,800.00. He did not remember purchasing any stocks or bonds, but the state was holding common stock in his name.
Fitzgerald remarked that his office has payroll checks and other checks which have exceeded their expiration date. The largest cash amount listed is $613,000 for Brammer Manufacturing Co., a business no longer in operation. He also stated that a claim is expected to be filed.
There is no time limit to file a claim for the property. Iowa law specifically states that after three years, property deemed unclaimed is to be turned over to the treasurer’s office. It does not matter that the check has expired, that money is still yours.
Property can come from rent deposits which were forgotten, dormant accounts in banks, insurance claims, trust holdings and utility companies as well as the already mentioned stocks, bonds and uncashed checks.
Banks will also turn over the contents of safe deposit boxes as unclaimed property.
Fitzgerald and his office have the goal of returning every penny to the rightful owner. The current amount of unclaimed money being held is $162 million. There are 665,000 accounts.
Other states also hold unclaimed property. Click on to CashUnclaimed.com and for a free search for unclaimed property in all states. Hopefully, you will be surprised.
