STAFF REPORT
Glasgow News 1
The Kentucky State Treasurer’s Office took its unclaimed property program on the road last week, but it’s not too late to claim your funds.
For the second year in a row, the office toured communities across the Commonwealth as part of unclaimed property week, shifting from a strategy that relied mainly on people finding their own names on a state website.
Treasurer Mark Metcalf said the new in-person effort appeared to be paying off.
According to Metcalf, the state previously depended on residents to search online for forgotten bank accounts, insurance payouts and other unclaimed funds.
A year ago, the office decided to spend a week going directly to communities instead, setting up events where staff help people check whether money is owed to them.
In just two years, the treasurer’s office has returned more than $123 million to residents, compared with about $177 million over the eight years before that.
Metcalf said the office has been holding unclaimed money since 1940 and now oversees the unclaimed property trust fund, which he said totals about $1.2 billion.
He stressed that the money belongs to citizens, not the government, saying the office is making an extra effort to get funds back to the people of Kentucky.
A significant share of the unclaimed money comes from death benefits.
If life insurance companies cannot locate beneficiaries within three years, they turn those funds over to the treasurer’s office, which then uses its resources to try to find the rightful owners.
Multiple six-figure checks have been paid out around the state, and one family received about $1.7 million from a deceased loved one, according to the treasurer’s office.
It is not only individuals who stand to benefit.
Metcalf’s office also works to return unclaimed money to businesses and school boards across Kentucky, potentially freeing up additional resources for local operations and classrooms.
Residents who missed the recent unclaimed property events still have options.
People can search for unclaimed property through the Kentucky State Treasurer’s Office to see whether any money is being held in their name or for their organization.
Key Facts
– Kentucky State Treasurer’s Office toured the state for unclaimed property week for the second year
– Officials have held unclaimed funds since 1940 and manage a $1.2 billion trust fund
– More than $123 million has been returned to residents in the last two years
– Previous eight-year period saw about $177 million returned
– Large payouts include multiple six-figure checks and a $1.7 million payment to one family
– Unclaimed funds often come from death benefits insurers could not deliver
– Businesses and school boards also have money owed to them
– Residents can search for unclaimed property through the treasurer’s office
What to Know
Residents, businesses and school boards are encouraged to check with the Kentucky State Treasurer’s Office to see if any unclaimed property is being held in their name.
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