South Dakota Unclaimed Property – How to Find Out If You Have Money
Do you live in South Dakota? Have you ever done business with a company or bank in South Dakota? If so, you might be one of the 60,000+ people to whom the state owes money. Ever since the Unclaimed Property Law was passed in 1992, SD has received millions of dollars worth of unclaimed and abandoned assets.
Approximately one in twelve South Dakotans is owed some money. The state has been paying out an average of $2 million a year since the law was passed. This number grows every year, as the state tries to increase its efforts to find owners. To date, the largest payout was $300,000! Most people are only owed a couple hundred dollars, but in today’s economy, that money could go a long way.
Assets go unclaimed all the time in America. It’s quite common for people to lose track of all of their accounts and financial information. Some examples of unclaimed property in South Dakota include uncashed money orders, unredeemed gift certificates, uncashed checks, refunds, bank accounts, investment accounts, insurance overpayments, customer overpayments, royalty payments, certificates of deposit, safe deposit box contents, uncashed dividends, inheritances, etc.
Each fiscal year, around 3,000-5,000 claims are paid. Still, more than 60,000 accounts still remain unclaimed. What does the South Dakota State Treasury do to reunite owners with their money? The state has created an outreach program and schedules events throughout the state. Representatives from the SD State Treasury show up at state fairs, home shows, and civic centers once or twice a month.
South Dakota does a better job than many other states. It has a small population, and is active at reaching out to the population. Some of the money belongs to former residents, so if you or any of your relatives have ever lived in SD, you can call the state to learn more about unclaimed property. The State Treasury will search up to 5 names for free over the phone. You can even request that combinations of your name be checked, as some of your dormant accounts might consist of your middle initial, and others might not.
You can also search online. You can try different combinations of your name and search for different cities. It’s a good idea to search every city in which you’ve ever lived. Also, some unclaimed assets are listed under the company’s city, so if you live in a different area than your bank, former employers, etc, then search for information about them as well. If you find that you do indeed have unclaimed money, you will be given a form to fill out so that you can make your claim.