Missouri State Treasurer Eric Schmitt reportedly made history by returning more Unclaimed Property in his first year than any previous treasurer in the state’s history.
According to a news release, Treasurer Schmitt recently announced he returned $45 million in Unclaimed Property during his first year, surpassing the previous record of $29 million.
Schmitt said “This money belongs to the people of Missouri, so my goal is to get it back in the hands of its rightful owners as quickly as possible.”
State law requires financial institutions, insurance companies, public agencies and other business entities to turn over assets to the Treasurer’s offices that belong to a customer, client, employee or other owner if there have been no documented transactions or contact with the owner after a period of five years.
Most Unclaimed Property consists of cash from bank accounts, stocks, bonds and contents of safe- deposit boxes that have been abandoned. It also can include uncollected insurance policy proceeds, government refunds, utility deposits and wages from past jobs.
Reportedly, one, out of ten Missourians, has Unclaimed Property, with the average return estimated at $300.
Unclaimed Property can be searched for and claimed online by visiting www.ShowMeMoney.com.