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South Dakota expands unclaimed property recovery program

(WKYT)
Published: Jul. 9, 2020 at 8:29 AM CDT
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SIOUX FALLS, S.D. (Dakota News Now) - Many folks across South Dakota may soon be getting a check in the mail, for money they do not even realize they are owed.

It’s a new program started by State Treasurer Josh Haeder called “Cash It,” Dakota Radio Group reports.

Haeder says it is an expansion of their unclaimed property recovery program. The state will work to verify people owed between $10 and $2,000, find their contact information, the send them a check in the mail.

“It’s important to remember that unclaimed property in South Dakota doesn’t belong to the government,” Haeder said. “It’s actually the individual’s money. It belongs to somebody. It comes to us because financial institutions, businesses haven’t been able to find the correction addresses for individuals. So we’re working to find the individuals and then send these funds directly to them. All they have to do is when they get that check, cash it.”

Haeder says he wants to make sure people read the letter when they get it.

The Treasurers office holds the unclaimed accounts and tries to find the owners. Haeder says they get about seventy to eighty million dollars a year in lost money, and currently have a balance of about six hundred million dollars.

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