Schmitt returns $45 million of Unclaimed Property in first year as treasurer, breaking previous record
State Treasurer Eric Schmitt has made history by returning more Unclaimed Property in his first year than any previous treasurer in Missouri history. Treasurer Schmitt today announced he returned $45 million in Unclaimed Property during his first year in office, surpassing the previous record of $29 million.
“I’m proud of our team for breaking yet another historic Unclaimed Property record,” 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 Treasurer Schmitt 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 time, generally 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.
Treasurer Schmitt currently manages $993 million in unclaimed assets in more than 4.8 million owner accounts. One in ten Missourians has Unclaimed Property, and the average return is $300. Unclaimed Property can be searched for and claimed on ShowMeMoney.com.
