FAQ: How Does Property Become Unclaimed?
Property becomes unclaimed or abandoned when there has been no owner activity in relation to the account for a period of 5 years and when the owner has not been able to be contacted by the holder of that asset. A holder may include a bank, savings institution, credit union, insurance company, business or utility company.
This week, Wisconsin State Treasurer and staff will be at the Washington County Fair in West Bend to help fairgoers search and locate unclaimed property.
There is more than $400 million dollars in unclaimed assets held by the State Treasury. This money comes from forgotten paychecks, insurance premium overpayments, utility deposits, forgotten bank accounts, forgotten stocks, abandoned safe deposit boxes and many other forms of assets that have been lost, forgotten about or that people did not even know they had! There are more than 2 million “properties” held by the Office of State Treasurer.
- $20 Million Returned in 1st 6 Months of 2012! (wistatetreasury.wordpress.com)
- Prudential Insurance Turns Millions of Dollars over to Wisconsin State Treasury (wistatetreasury.wordpress.com)