MO State Treasurer Schmitt Discusses Unclaimed Property
Missouri State Treasurer Eric Schmitt stopped in Sedalia on Friday to discuss how residents can check on unclaimed property.
Schmitt says the treasurer's office acts as the custodian of almost $1-billion dollars of Missourian's money in unclaimed property.
The money goes to the treasurer's office after 5 years. Schmitt cited some examples of what can lead to property being deemed unclaimed. It could bank accounts not being completed closed, last paychecks that weren't collected, insurance proceeds, or utility deposits.
Schmitt says after the money comes to the treasurer's office, part of the job is to raise awareness and return the money to its rightful owners.
Missourians can check on unclaimed property at showmemoney.com.
Schmitt noted that $33-million has already been returned to Missourians in 2017. He said, on average, 1/10 Missourians have unclaimed property.
According to Schmitt, not only can residents search their own names, but can search the names of deceased relatives as well. If a deceased relative has unclaimed property still in their name, Schmitt says there are some extra steps involved and family members need to prove next-of-kin.
KSDL, the sister station of KSIS, received a $2,000 check in unclaimed property.
For more information about unclaimed property, visit treasurer.mo.gov.