Jackpot! Treasurer Smith Reunites Iowan with $4.5 Million

DES MOINES – State Treasurer Roby Smith announced he reunited an Iowan with unclaimed property valued at a record-breaking $4.5 million from the Great Iowa Treasure Hunt. “At some point, the owner invested in over 15,000 shares in McDonald’s Corporation. When the company deemed the property unclaimed, it was turned over to the State since the owner’s last known address was in Iowa,” said Smith. “Like we do for all owners, my office sent a due diligence letter to inform them of the unclaimed funds in the Great Iowa Treasure Hunt. This prompted a claim, and the rest is history!”

The Treasurer’s Office must hold on to shares for at least one year before they can be sold; the proceeds are then held for the owner in lieu of shares. “Since the owner was prompt in responding to our due diligence letter, we were able to return the shares and the dividends that accrued while we were the custodian,” Smith said. “Success stories like this are what puts the thrill into searching your name at GreatIowaTreasureHunt.gov each year. You really never know what or how much you are going to find.”

The Great Iowa Treasure Hunt is Iowa’s only legitimate source of unclaimed property, and has returned over $346 million to more than 951,000 individuals. “This is a great reminder to log into your investments periodically so the account doesn’t go dormant. While we love returning property to the owners, we do our best to give tips to prevent it from coming here in the first place,” concluded Smith.

In addition to shares, forgotten checking and savings accounts, stocks, uncashed checks, life insurance policies, utility refunds and abandoned safe deposit box contents are also examples of unclaimed property. Businesses and financial institutions are required by law to send these assets to the State Treasurer’s Office after going a certain period of time with no successful contact with the owner, generally three years. Smith safeguards the assets and works to reunite them with the owner or rightful heir through the Great Iowa Treasure Hunt.

Start your search today at GreatIowaTreasureHunt.gov. Connect with the Treasurer on Facebook, Twitter and Instagram to stay up-to-date on all areas of the office.

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