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As Unclaimed Property Returns Top $16M,...

As Unclaimed Property Returns Top $16M, McRae Urges Mississippians to Check Accounts

By: Magnolia Tribune - November 20, 2020

Treasurer David McRae

As unclaimed property returns topped $16 million for the year, State Treasurer David McRae urged Mississippi citizens, businesses, and non-profit organizations to check with their bank or financial institution to ensure all accounts (including long-term investments like CDs, savings accounts, and stocks that you may not check regularly) are properly claimed. If a bank or other financial institution loses track of an account’s owner, the account can be declared inactive. After five years, that unclaimed property is turned over to the state to find the rightful owner.

“Losing track of an account is easier to do than you might think, which is one of the reasons why we’ve been able to find and return more than $16 million to Mississippians this year alone,” said McRae. “My team works quickly to get this money back into Mississippians’ wallets, but citizens can also take steps to ensure it doesn’t get lost in the first place. That’s why I’m encouraging you to contact your bank or financial institution before year’s end to be sure every account in your name is properly claimed.”

Since taking office in January, Treasurer McRae has returned more than $16 million to Mississippi’s economy, which was previously declared as unclaimed property.

“If your property is declared unclaimed and has been returned to the state, it’s easy to search for it,” continued McRae. “Please visit today, enter your name in the search box, and click go. You never know what money you may have left behind at some point. If there’s cash listed beside your name, let us know, and we’ll get the claims process started for you.”

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Magnolia Tribune

This article was produced by Y'all Politics staff.