(Part 1 of 2)

According to MO State Treasurer, Missouri unclaimed money has grown to the huge amount of 400 million dollars. This pile of cash is likely to grow, because like in most other states, Missouri takes in more unclaimed money annually than is returned to residents. Among the number of reasons why these funds remain unclaimed, is the fact that the majority of residents are not aware of unclaimed money, and the few that are aware don't know the right way to track down these properties.

With Missouri unclaimed money rolls approaching a half of a billion dollars, perhaps the "Show Me State" ought to change its name to the "Show Me The Money State". So where do all those dollars come from? There are many dozens 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.

While there is no time limit on claiming missing money, Missouri will only guarantee that they will hold on to items from safe deposit boxes for one year (but they do occassionally hold them for longer). According to the Missouri 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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