July 7, 2017
FOR IMMIDIATE RELEASE
Contact Person: State Treasurer Rich Sattgast (605) 773-3378
State Treasurer Sattgast Reports a Record $27.5m in Unclaimed Property Returned Last Year
(Pierre) - South Dakota State Treasurer Rich Sattgast announced a record $27.5 million in Unclaimed Property was returned last year. "Our purpose is to reunite South Dakotans with their lost property," said Sattgast. Even with a banner year, 1 in 4 South Dakotans still has Unclaimed Property. The Treasurer strongly encourages all residents to check the state's database to see if they are owed money. It's easy, free and only takes a minute to search online at www.sdtreaurer.gov .
Most people don't even realize the state is holding their money because it comes from a variety of sources dating back many years. Unclaimed property includes money from inactive bank accounts, uncashed paychecks or unclaimed utility deposits from a previous residence. Once these accounts become stale, it is up to the State Treasurer to try to return the money to its rightful owner.
"This is money that belongs to average citizens and never reverts to the state," Sattgast said. "Outreach is so important. If I can return this money, it eventually enters the local economy which is good for all of South Dakota."
The South Dakota Unclaimed Property program has returned $62 million over the past three years. The State Treasurer's office works to return the money by advertising in newspapers and at fairs and events across the state. There is no time limit to claim property and since new properties are added all of the time, Treasurer Sattgast encourages everyone to routinely check the Unclaimed Property website at www.sdtreasurer.gov or call toll free in South Dakota at 1-866-357-2547.
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