|State Treasurer Returns $150 Million Back to its Rightful Owners|
|News Releases - General Info|
|Written by Karen Austin|
|Wednesday, 26 September 2012 13:47|
DES MOINES, IA (09/26/2012)(readMedia)-- State Treasurer Michael Fitzgerald announced today that the Great Iowa Treasure Hunt has crossed a milestone. "I'm very excited to announce that since I created this program in 1983, we've returned $150 million through the Great Iowa Treasure Hunt," Fitzgerald said. "We will continue to reach out and reunite these assets with their rightful owners. Our next goal is $200 million."
Every year, millions of dollars in abandoned property is turned over to the state treasurer's office. Unclaimed property refers to money and other assets held by financial institutions or companies that have lost contact with the property's owner for a specific period of time. State law requires these institutions and companies to annually report and deliver unclaimed property to the State Treasurer's Office, where it is held until the owner or heir of the property is found. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed checks, life insurance policies, utility security deposits, and safe deposit box contents.
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