(The Center Square) – One Iowa resident discovered $4.5 million from a letter Iowa Treasurer Randy Smith sent.
The money came from an investment in the 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,” Smith said in a news release. “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!”
Smith said $346 million in unclaimed property had been returned to 951,000 individuals. Unclaimed property includes stocks, bonds, utility refunds and abandoned safe deposit boxes, he said.
Most states have a database for unclaimed property, Jeremy Dawson, director of the National Association of Unclaimed Property Administrators, told The Center Square previously. Each state has its own rules.
South Dakota is one of the few states that send profits from abandoned property to their general budget, according to the association. About 3% of the state’s general fund revenues come from unclaimed property, according to state budget officials. Some states, including Wyoming and Wisconsin, indefinitely hold on to the property.
Smith said individuals should keep up with their investments and ensure they don’t become 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,” Smith said.
Smith’s office maintains a database on the Great Iowa Treasure Hunt website.
