Iowa announcement of unclaimed funds gets a result
On Monday, May 15th, Iowa State Treasurer, Michael Fitzgerald announced a record dollar amount of unclaimed property being held by his office. The result was…”We’re overwhelmed,” he said. “Our office is being put through the paces trying to make matches for these folks.”
There is approximately $160 million worth of money and unclaimed property being held. With the tidal wave of calls and more than 11,000 web hits The Great Iowa Treasure hunt is proving to be a success.
This week there were several items returned to their rightful heir. Amongst the items were a variety of valuable sports memorabilia and war medals including a Purple Heart. Items such as these usually come from abandoned safe deposit boxes.
People claiming their lost treasures and other assets does help maintain the books of the Treasurer. It is his job to account for the money and possessions until they are returned to the owner. Sometimes items will be sold. The money from this sale is kept forever until the owner comes forward and claims ownership. This may give you a better understanding as to how a state can have millions of dollars in unclaimed property.
Having unclaimed money just sitting there is not something anyone likes, therefore the need to advertise the giving away of money. On the other hand a record amount of unclaimed money was quietly moved into the state’s general fund the past two years. Yes, in 2004 and 2005, approximately $45 million owed to individuals whom the state could not locate ultimately was funneled into state coffers. Thus the state is using this money. Fear not, since the money legally belongs to individual Iowans the state never loses its obligation to pay someone. It does not matter that most unclaimed property ultimately winds up in state coffers, the money must be given to the rightful owner when found.
Officials within the Iowa State Treasurer’s Office have identified the bulk of that unusually large amount of money as coming from the sale of stock owed Iowans when several insurance companies decided to go public. By law, the insurance companies were required to turn unclaimed stock or cash from the sale of stock over to the state within three years of going public.
Every state has unclaimed money and each has different laws to return the money to the rightful owner. For a fast and easy way to check each state with only one entry of your name go to www.CashUnclaimed.com for a free money search. This company has pulled together the largest database of unclaimed property from all states and Federal databases.
