State Treasurer Clint Zweifel returns more than $1 million in Unclaimed Property to just eight account owners

May 3, 2011

by Missouri State Treasurer

Five individuals and three businesses received more than $100,000 each

JEFFERSON CITY, MO – May 3, 2011 – (RealEstateRama) — State Treasurer Clint Zweifel (ZWY-ful) announced today he returned more than $1 million in Unclaimed Property to just eight account owners. Five individuals and three businesses each have received more than $100,000 since mid-February. The recipients are not being identified for privacy reasons.

“All of us would like $100,000 or $1 million, and it is my job to get this money out the door fast and in to the hands of individuals and business owners. These are amounts that make a substantial difference,” Treasurer Zweifel said. “Bureaucracy and red tape can get in the way, but not with Unclaimed Property. Wait times have been cut in half, and I am breaking return records. All of this while cutting spending and never charging owners.”

More than $30 million has been returned so far in fiscal year 2011 to a record 105,000 account owners.

The property was returned to the following locations and was found in the following forms:

* A business in Clayton, Mo., received more than $150,000 made up of securities.
* An individual in Kansas City, Mo., received more than $125,000 made up of securities.
* An individual in Leasburg, Mo., received more than $110,000 from a checking account.
* A business in Potosi, Mo., received more than $120,000 made up of securities.
* An individual in Springfield, Mo., received more than $100,000 from a certificate of deposit.
* An individual in St. Ann, Mo., received more than $125,000 from a checking account.
* A United States business headquartered in New Jersey received more than $375,000 made up of securities, unredeemed gift certificates and accounts payable.
* An individual in Overland Park, Kan., received more than $180,000 made up of bond coupons, dividends and securities.

Treasurer Zweifel holds 41 accounts of Unclaimed Property worth more than $100,000 each. The geographic breakdown of those is: 18 in St. Louis County; 12 in Jackson County; 3 in St. Louis City; two in Boone County; and one each in Buchanan, Butler, Camden, Cole, Franklin and Jasper counties.

Missourians may check for Unclaimed Property 24 hours-a-day at www.ShowMeMoney.com. About 60 percent of claims are eligible for paperless processing and wait times have been cut in half. Individuals may also sign up for email notifications and can track a submitted claim from the website.

About Treasurer Zweifel’s Unclaimed Property

State law requires financial institutions, insurance companies, public agencies and other business entities to turn over assets to Treasurer Zweifel’s office that belong to a customer, client, employee or other owner if there have been no documented transactions or contact with the owner for five or more 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 Zweifel’s office does not handle real property such as land, houses, cars and boats. There is $600 million in Unclaimed Property maintained by Treasurer Zweifel. Treasurer Zweifel never charges for the return of Unclaimed Property.