May 17, 2012
Tracking Down MO Unclaimed Assets – Part 1 of 2
(Part 1 of 2)
According to MO State Treasurer, Missouri unclaimed money recently grew to the huge sum of $400 million. This pile of cash will almost certainly get larger, because like in most states, MO takes in more unclaimed property every year than they return to residents. Among the variety of reasons why these funds continue to go unclaimed, is the fact that the majority of people are not aware of unclaimed property, and those that are aware don't know the right way to track down these properties.
As we see MO unclaimed property numbers approaching a half of $1 billion, perhaps the "Show Me State" ought to change its name to the "Show Me The Money State". So where does all that cash come from? There are quite a number of different sources for unclaimed property, but some of the most common are abandoned bank accounts, safe deposit boxes, checks that have not been cashed, certificates of deposit, forgotten stocks, and life insurance policies.
While there is not a time limit on claiming missing money, MO will only guarantee that they'll hold items from safe deposit boxes for 1 year (though they do sometimes hold on to them for longer). According to the MO State Treasury web site, this is how they deal with these items: "Although State Treasurer Steelman would like to keep the contents of safe deposit boxes until an owner or heir is identified, the unclaimed property vault used to store non-monetary items of value (jewelry, coins, etc.) reaches capacity every couple of years. When the vault is full, the Unclaimed Property Division hosts an auction, and the proceeds generated from the sale of items from safe deposit boxes is recorded in the name of the safe deposit box owner. If owners or heirs are identified, they receive the entire proceeds from the sale of the items."
(to be continued)
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Oklahoma Guarding Millions In Unclaimed Money
Employees at Oklahoma's Unclaimed Property division keep track of millions of lost dollars.
Unclaimed Idaho Lottery prizes add up to millions
With the recent $650 million Mega Millions jackpot a lot of us started dreaming about what we'd do with all that money. But every year in Idaho some people just need to wake up to realize that they are winners. For whatever reason, they never claim their prizes. That unclaimed money really adds up.
Oklahoma Guarding Millions In
Employees at Oklahoma's
Unclaimed money to help fund legal services
New rules announced Friday by the Supreme Court of Pennsylvania clear the way for money left over from class-action lawsuits to help provide legal services for low-income Pennsylvanians.





















