| The bottom slice of bread in the Dakota sandwich | | | | There are a variety of types of accounts that |
| is well known as the home to Mt. Rushmore, but | | | | can become unclaimed funds if left dormant for a |
| SD is holding something equally valuably but much | | | | long enough period of time, but the State |
| less known. The Office of the State Treasurer is | | | | Treasurer's website lists the following as the most |
| currently holding tens of millions of dollars in South | | | | common: "savings accounts, checking accounts, |
| Dakota unclaimed money that belongs to | | | | unpaid wages or commissions, stocks, underlying |
| residents of the state. With one of the smallest | | | | shares, un-cashed dividends, customer deposits or |
| state populations in the nation, SD citizens have | | | | overpayments, certificates of deposit, credit |
| very good odds of discovering money owed to | | | | balances, refunds, money orders, paid-up life |
| them, if they know where to look. | | | | insurance policies, un-cashed benefits checks, and |
| Increased efforts by the state to reunite lost | | | | gift certificates." Each of these account types has |
| money with the rightful owners have helped give | | | | it's own unique dormancy period. In South Dakota, |
| back an average of $2.2 annually in recent years, | | | | these periods range from 1 year to 15 years, |
| but the vast majority still goes unreturned, as an | | | | depending on what kind of asset is being dealt |
| average of $6.7 million is turned over to the state | | | | with. |
| each year. This essentially means that the state's | | | | While most citizens are completely in the dark |
| fund grows by about $5 million annually. So while | | | | about missing money owed to people by the |
| the State Treasurer provides no solid total, it's | | | | government, a few are aware of these funds. |
| reasonable to assume that they are holding at | | | | But even those that are aware generally have no |
| least tens of millions. | | | | clue how to properly search for them and take |
| Upon first learning about unclaimed property, the | | | | back what belongs to them. For starters, only a |
| big question most people have is - How could | | | | few unclaimed search sites have accurate records |
| people possibly abandon that much money? There | | | | in their databases, and even fewer have |
| are a variety of reasons, but believe it or not | | | | somewhat recently updated records. With millions |
| there truly are tens of billions up for grabs across | | | | being turned over each year, spread across |
| the country. More often than not, though, it's as | | | | thousands of accounts, the state simply can't |
| simple as not notifying everyone of a correct | | | | update the records in real time, leaving people |
| forwarding address. Once a check of some sort is | | | | searching listings that are often very incomplete. |
| returned to an asset holder, or a holder simply | | | | This problem is multiplied when we factor in the |
| loses contact with the owner, it begins a | | | | varying dormancy periods which means that |
| "dormancy period". The dormancy period is a time | | | | getting no results on day might be misleading if a |
| period which must pass before the monies are | | | | particular asset isn't due to be turned over to the |
| determined to be abandoned or "unclaimed", and | | | | state for another year, or number of years. |
| then handed over to the state for safekeeping. | | | | |