Nearly $500 million waiting to be reclaimed by Iowans, state treasurer says

DES MOINES — Nearly half a billion dollars is owed to Iowans, just waiting to be claimed, the state treasurer says.

In the ongoing effort of the state’s Great Iowa Treasure Hunt, new state Treasurer Roby Smith said there is roughly $489 million in money and property owed to Iowans that is unclaimed.

Smith on Wednesday said roughly 1 in 10 Iowans has property to be claimed. He said the most common items are unclaimed utility refunds, forgotten savings and checking accounts, uncashed insurance or payroll checks, lost stocks and dividends, or forgotten bonds and safe deposit boxes.

“Our goal is to get the money reunited with Iowans,” Smith said. “We encourage people to check every single year because we always have money coming in.”

Over the program’s history, more than $340 million has been returned to roughly 926,000 owners, according to the state treasurer’s office.

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Iowans can find out whether they have money or property to claim at the program’s website, greatiowatreasurehunt.gov. People simply enter their name to do a free search.

Iowans who discover they’re owed something can complete a form. Smith said it typically takes no more than a week or two before the claim is fulfilled and the individual is mailed a check.

“We try to make it as easy as possible for Iowans,” Smith said. “We like to say it’s fast, free and easy.”

The treasurer’s office also is managing a glut of abandoned safe deposit boxes, some of which the office has placed up for auction.

Smith said the boxes being auctioned off have been abandoned for more than 10 years, and only after the treasurer’s office made repeated attempts to return them to their owners.

The proceeds on sales of abandoned safe deposit boxes go to the owner, Smith said.

Smith said the treasurer’s office receives 200 to 300 abandoned safe deposit boxes each year, and currently has more than 3,000.

“We just ran out of room. We just don't have the storage,” he said.

The abandoned safe deposit boxes hold items like rare coins, foreign currency, and sports trading cards, Smith said. He said one box includes a sports trading card of legendary professional basketball player Michael Jordan, an item that could be worth six figures, Smith said. The card’s value is being assessed, he said.

The items available for auction can be viewed, and bids can be entered, at iowaunclaimedproperty.org.

Comments: (515) 355-1300, erin.murphy@thegazette.com