$258 million dollars waiting to be claimed; $50 million dollars added last year

 

(St. Paul) - Minnesota Commerce Commissioner Glenn Wilson announced today that the State of Minnesota is holding $258 million dollars in unclaimed property for about one million people.  More than $50 million was added to that total in 2004.

"We have a million names in our database. One of them may be yours!" said Commissioner Wilson. "Find your name and claim your cash from forgotten bank accounts, uncashed payroll checks, old stock dividends and more. And don't forget to look for the names of friends and relatives, too."

Each year, unclaimed property is turned over to the Minnesota Department of Commerce and is held until the rightful owner or their heirs come forward. A complete list of names is located on the Minnesota Department of Commerce web site - www.commerce.state.mn.us - along with instructions and forms for claiming property. 

Unclaimed property may include abandoned checking and savings accounts, uncashed payroll checks, utility deposits, or stocks and bonds. The only tangible property delivered to the state is safe deposit box contents. The law requires that the contents of those safe deposit boxes be sold at auction once every ten years. The last auction took place in 2003.

"There is no charge to search the database or to file a claim. It makes a lot of sense to check it out," said Commissioner Wilson. "Last year, more than 13,000 people and companies claimed $16.5 million."

Unclaimed property is reported and transferred to the Department of Commerce when the owner fails to demonstrate an interest in the property for a specified period of time. This happens when owners forget to close an account when they move, when heirs are not aware of the holdings of a family member, or when the "holder" of the property is unable to locate the owner. Holders include financial institutions, insurance companies, mutual fund companies, and state and local governmental entities.

"This is the 'lost and found' for Minnesota money," said Commissioner Wilson. "Each year, thousands of people forget about some of their money.   We're holding $258 million and we want to return every dime to the rightful owners." 

At this year's Minnesota State Fair, the Department of Commerce provided fairgoers an opportunity to search for unclaimed property in their name. During the ten days of the fair, 825 people claimed $211,000 in cash, 6,005 shares of stock and the contents of 15 safe deposit boxes.

The best method to find out if you have unclaimed property is to visit and search the Department of Commerce web site at www.commerce.state.mn.us . If you are an owner of unclaimed property, you will need to fill out a claim form, available on the web site. You may also call the Department of Commerce Unclaimed Property unit for instructions on how to claim your property. In the metro area, call (651) 296-2568 or toll free in Minnesota, 800-925-5668. Please remember that phones will be very busy during the next few weeks .

Minnesota Unclaimed Property numbers:
Reported in 2004

• Value of unclaimed funds:  $50.2 million          
• Number of safe deposit boxes:  545
• Stock holdings:  8,181
• Amount returned to owners in 2004:  $16.5 million to 13,453 claimants

Reported in 2003

• Value of unclaimed funds:  $50 million
• Number of safe deposit boxes:  559
• Stock holdings:  15,000
• Amount returned to owners in 2003:  $14 million to 7,400 claimants

Reported in previous years

Value of unclaimed funds

• 2002:  $35 million
• 2001:  $30 million
• 2000:  $25 million
• 1999:  $22 million
• 1998:  $14 million

Total Owners of unclaimed property now in database:  1 million

Value of all unclaimed funds  currently held by the state: $258 million

Amount returned to owners since 1969: $160 million

 

A few examples from the Minnesota Department of Commerce, Unclaimed Property Report:

 

http://www.state.mn.us/portal/mn/jsp/content.do?programid=536884475&id=-536881373&agency=Commerce

 

 

http://www.state.mn.us/ebranch/commerce/pages/UnclaimedProp/UPOwner/UPOwnerRE.htm

 

 

RED LAKE BAND OF CHIPPEWA     RED LAKE TRIBAL OPERATIONS, ATT... RED LAKE         #1202484   2004  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE BAND OF CHIPPEWA     RED LAKE HEAD START (10), ATTN ... RED LAKE         #1202470   2004  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

___________________________________________________________________________________________________________________________________________________________________________________

RED LAKE FALLS VOLUNTEER A... PO BOX 531                         BEMIDJI          #858306    2002  Currency    1       AMERICAN FAMILY MUTUAL INS CO                              

RED LAKE GAMING INC           ATTN EVA KINGBIRD, PO BOX 543      RED LAKE         #1389472   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE GAMING INC           ATTN EVA KINGBIRD, PO BOX 543      RED LAKE         #1389473   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

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RED LAKE GAMING INC           ATTN EVA KINGBIRD, PO BOX 543      RED LAKE         #1389474   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE GAMING INC           ATTN EVA KINGBIRD, PO BOX 543      RED LAKE         #1389475   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE HOUSING AUTHORITY... ATTN: ROXANNE MAY, PO BOX 219      RED LAKE         #1389481   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

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RED LAKE HOUSING AUTHORITY... ATTN: ROXANNE MAY, PO BOX 219      RED LAKE         #1389482   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE HOUSING AUTHORITY... ATTN: ROXANNE MAY, PO BOX 219      RED LAKE         #1389480   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE HOUSING AUTHORITY...                                    RED LAKE         #1202486   2004  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                           

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RED LAKE HOUSING FINANCE C... ATTN RUBY GURNEAU, P O BOX 220     RED LAKE         #1389476   2005  Currency    1       AMERICAN FAMILY LIFE ASSURANCE CO                          

RED LAKE RESERVATION          HOUSING AUTORITY, P O BOX 219      RED LAKE         #824616    2002  Currency    1       MINNESOTA DEPT OF FINANCE (MN FIA)

 

 

PHS INDIAN HOSPITAL           PO BOX 60                          CASS LAKE        #544405    1997  Currency    1       ITASCA COUNTY AUDITOR/TREASURER                            

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PHS INDIAN HOSPITAL           SRVICE UNIT DIRECTOR               CASS LAKE        #590471    1998  Currency    1       ITASCA COUNTY AUDITOR/TREASURER                            

PHS INDIAN HOSPITAL           SERVICE UNIT DIRECTOR              REDLAKE          #674845    1999  Currency    1       FUJISAWA HEALTHCARE INC