Unclaimed Property Rolls Into Zweifel’s Office

Treasurer opens this year’s safe deposit boxes

JEFFERSON CITY- Staff was feverously busy today as State Treasurer Clint Zweifel’s Unclaimed Property Division received this year’s batch of unclaimed property from dormant Missouri safe deposit boxes.

Housed in Jefferson City, the Unclaimed Property Division acts as custodian for all the property people have forgotten. It is no small task.

"What came in recently from safe deposit boxes is just a fraction of the unclaimed property my office is holding for Missourians," Treasurer Zweifel said. "We have $550 million in 3.5 million accounts, and it is anything from cash to coins to wills to dolls to baseball cards. It is all waiting to be claimed."

The Missouri State Treasurer is in charge of Missouri’s Unclaimed Property Program. As part of that duty, Treasurer Zweifel’s office must inventory and maintain all unclaimed property turned over to the state. That property is turned over to the state by financial institutions, insurance companies, public agencies and other business entities if there has been no documented transaction or contact with the owner for five or more years. Most of the property consists of cash from bank accounts, stocks, bonds and contents of the newly opened safe deposit boxes that have been abandoned. Treasurer Zweifel said his office does not maintain certain property, such as land, houses, cars and boats.

While the average returned account amount of $350 is a good infusion into the economy, several larger returns have had a substantial impact on individuals and families.

"We had a story where we returned thousands of dollars to an elderly woman, and it she was being evicted because the building was being demolished. This money helped her find a new place to live," Treasurer Zweifel said. "Now, not every story is like that, but there are a lot, and that is why is critical we return this money. It can be a real addition to their pocketbooks."

To locate owners of unclaimed property, Treasurer Zweifel’s office uses direct mail, legislator outreach, events, advertising and www.ShowMeMoney.com. Additionally, the office has proactive outreach to find owners of larger accounts.

"Through all of my office’s efforts, we have returned more than $23.7 million so far in fiscal year 2009, and we will break the record for the number of account owners who receive their property in this fiscal year," Treasurer Zweifel said. "The 14 full-time staff in unclaimed property are dedicated to doing a great job day in and day out. This program is something to be proud of in this state."

For more information on Treasurer Zweifel’s Unclaimed Property Division, go to www.ShowMeMoney.com or call (573) 751-0123.

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