Unclaimed Money- Hidden Treasure In South Dakota

2008-02-08T00:04:00.000-08:00

I saw the second installment of Nicolas Cage's “National Treasure” early this year. It was okay as far as sequels go I guess. But then again, I've always been partial to 'feel-good' movies. When the characters in the film stumbled upon tons of treasures tucked-away in the Black Hills of South Dakota, I somehow imagined myself in their shoes- driving my own Ferrari into the sunset. Well, in my case it was a jet-black Lamborghini Murcielago. =D

Okay enough delusions of grandeur and back to my topic- a large golden room in a secret cave in the Black Hills? Stuff of fantasies, right? Well, there's a bit of truth to it actually. It may not be as fantastic as a golden cavern filled with priceless artifacts, but in this time of economic strife in the US, any source of extra cash for residents is almost akin to treasure. South Dakota does have hidden treasure of sorts- unclaimed money from South Dakota unclaimed property in the State Treasury Department.

Whenever owners of lost assets such as forgotten bank accounts, lost checks, unused gift certificates, unclaimed deposits and such can't be found, businesses are required to hand them over to the state where they put in an unclaimed property fund. (This process is called escheatment and it originated from medieval English law wherein abandoned properties are turned-over to the king). The individual state governments across the country hold-on to this unclaimed money until their rightful owners turn-up. When people move, they sometimes fail to leave a forwarding address with their banks and other financial institutions. This results in undelivered mail which can include tax refund checks or bank notices. "Our biggest problem is we live in a mobile society," says State Treasurer Vern Larson pointing-out the main cause of South Dakota unclaimed money.

The government makes some effort to reunite unclaimed property owners with their missing money- the South Dakota Treasury Department paid out 5,090 unclaimed money claims in 2007 according to the State Treasurer.
The average claim was over $400 and the unclaimed cash paid out totaled $2,235,949. Most owners of South Dakota unclaimed money don't even know they are owed money by the government, so I bet these people feel a bit like they've discovered treasure. The good news? There's a lot more South Dakota unclaimed property money left- around $15 million waiting in State Treasurer's office.

If you or someone you know has lived in South Dakota at some point in their lives, getting your 'hidden treasurer' is quite simple and it doesn't require solving riddles and going through old secret tunnels. Doing an unclaimed money search in South Dakota can be done on-line through the State's unclaimed property database. Learning how to search for unclaimed money on your own is the best way of getting your missing money back. "There are organizations that are charging large fees to locate unclaimed property for South Dakota consumers," warns SD State Atty General Larry Long. Best heed his advice as unclaimed property finders that charge an arm and a leg are a dime a dozen on the net. Learn how to do an online unclaimed money search and avoid middlemen so you can get all your lost money in one piece.

Wanna learn more? Check-out this news clip showing people getting reunited with their state unclaimed money on MSNBC's Dateline.

South Dakota Unclaimed Money

Unclaimed Money- Hidden Treasure In South Dakota