PRESS RELEASE
Treasurer Vivek Malek Returns First $1 Million in Unclaimed Property
Treasurer Vivek
Malek Returns First $1 Million in Unclaimed Property Sets record for
reaching first $1 million milestone in only 3 days
Jefferson City, MO – Missouri State Treasurer Vivek Malek’s
administration returned its first $1 million to owners in just three
days. This is the fastest that any Missouri State Treasurer has ever reached
the $1 million milestone. The previous record was nine days, set in 2019.
One claim alone was over $1 million dollars and the total for the first three
days was $1,762,243.74. The $1 million account was paid in the St. Louis
area.
“As State Treasurer I am excited to return as much unclaimed property to
rightful owners as I can. I encourage all Missourians to visit our
website showmemoney.com
and see if you, your family or business has unclaimed property,” Treasurer
Malek said. “I am looking forward to being able to work with a dedicated
staff to return millions more dollars to Missourians during my administration.”
Missouri State law requires financial institutions, insurance companies, public
agencies and other businesses to turn over financial assets and safe deposit
boxes to the Treasurer’s Office. The reporting of these accounts is required
after there has been no documented transactions or contact with the owner after
a statutorily-defined period of time, generally five years. Most
Unclaimed Property consists of uncashed checks, bank accounts, stocks, bonds,
and contents of safe deposit boxes that have been abandoned. Other types
of unclaimed property consist of insurance policy proceeds, government refunds,
utility deposits and wages from past jobs.
Treasurer Malek currently manages over $1.3 billion in unclaimed assets in over
6 million owner accounts. One in ten Missourians have Unclaimed Property,
and the average return is nearly $300. Unclaimed Property can be searched
and claimed on showmemoney.com. xxxxxxxxx Follow the
Treasurer’s Office on Twitter, Facebook, and Instagram @motreasurer.
