January 8, 2012
Search For MO Unclaimed Cash – Part 1 of 2
(Part 1 of 2)
According to MO State Treasurer Sarah Steelman, Missouri unclaimed money recently grew to the massive amount of 400 million dollars. This heap of money will almost certainly grow, because like in most states, Missouri takes in more unclaimed money annually than they return to Missourians. Among the varied reasons why these funds remain unclaimed, is the fact that most residents are not aware of unclaimed money, and those that are do not know the proper way to track down these properties.
With Missouri unclaimed money rolls approaching a half of one billion dollars, the "Show Me State" might want to change its nickname to the "Show Me The Money State". So where do all those dollars come from? There are quite a number of different sources for unclaimed money, a few 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.
Even though there isn't a time limit on claiming missing money, Missouri will only guarantee that they will hold on to items from safe deposit boxes for 1 year (though they do occassionally hold them for longer). According to the Missouri State Treasury website, this is how they handle 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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