State Treasurer Clint Zweifel recently announced that his Unclaimed Property team has set a new record for dollars returned this fiscal year, marking the seventh straight year of setting records during his two terms as State Treasurer.
More than $42 million of Unclaimed Property was returned by Treasurer Zweifel’s Unclaimed Property team in Fiscal Year 2016, which ended June 30. The Treasurer has now returned more than $280 million to Missourians in nearly 1 million accounts since he took office in 2009, more than all other State Treasurers combined.
“Breaking records every year as State Treasurer reflects the dedication of my Unclaimed Property team to serve Missourians efficiently and effectively,” Treasurer Zweifel said. “Yet again, we have utilized technology to create new innovations and streamline the claims process, which has led to not only the largest single-year return, but also the shortest ever average processing time.”
When Treasurer Zweifel took office in 2009, the average time to process a claim was about 45 days; this year it was a record 15 days. An online searchable database, paperless claims, and the use of social media as a customer service tool, combined with regular outreach through advertising, telethons and mailings have resulted in a two-thirds reduction in processing time. Anyone can search for their property 24/7, completely free of charge, at ShowMeMoney.com.
Unclaimed Property can belong to individuals, businesses, nonprofits or any entity that conducts financial transactions. It can come from abandoned bank accounts, uncollected insurance policies, uncashed checks and more. State law requires those entities to turn over assets to Treasurer Zweifel’s office after a statutorily defined period of time, generally five years. The assets are held by the office in perpetuity until the original owners or a proper heir is located. All Unclaimed Property is always returned free of charge.