PIERRE SD (KELO-AM) – State Treasurer Rich Sattgast released the state’s November Unclaimed Property Receipts for the year, showing the state received $125 million in unclaimed property, far exceeding last year’s estimate of $52 million.
“This dollar amount is double what we had estimated based on what our holders were telling us,” Sattgast said. “Two large holders were very optimistic in their ability to perform their due diligence in contacting the owners of accounts that had gone stale, but since they were unable to make contact, those accounts are now turned over to my office for us to find the owners.”
Unclaimed property refers to accounts in financial institutions, businesses and government agencies that have had no activity for one year or longer. Common forms of unclaimed property include bank accounts, life insurance policies, utility overpayments or product rebates. Once these accounts become stale, it is up to the State Treasurer to try to return that money to its rightful owner.
“This amount is huge as over the years we’ve accumulated $113 million dollars of unclaimed property that I’d love to return to its rightful owners and now we’ve doubled that amount,” said Sattgast. “One out of every four people in South Dakota has unclaimed property and that is why outreach is so important, because if I can return this money it eventually enters the local community and the economy which is good for all of South Dakota.”
The State Treasurer’s office aggressively works toward returning this money through outreach at fairs and events as well as advertising throughout the year. There is no time limit to claim property and since new properties are added throughout the year, Treasurer Sattgast encourages all citizens to routinely check the Unclaimed Property website at www.sdtreasurer.gov or call toll free in South Dakota at 1-866-357-2547