Mo. returns record amount of unclaimed property
Tuesday, July 5, 2011
JEFERSON CITY, Mo. (AP) — Missouri’s unclaimed property office returned a record $36 million of money and items to people during the 2011 fiscal year.
Treasurer Clint Zweifel (ZWY’-ful) says the dollar amount is a 4 percent increase over 2010, which also was a record year for the office.
State law requires banks, insurance companies and other businesses to turn over assets to the state when a customer has no documented transactions or contact for five or more years. Most unclaimed property consists of cash from bank accounts, stocks or bonds or the contents of safe deposit boxes. The state holds onto the items until the owner claims them.
Missouri’s 2011 fiscal year ended Thursday. Zweifel said the amount of accounts returned to people climbed 30 percent last year, to about 120,000.
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