Q: If you have addresses for these people why don't you just mail out a form?

A: These are the last known addresses. The businesses that report the property to us are to do a "due diligence letter." If the individual does not respond to the request then it is assumed abandoned and the property is sent to our office.

Q: What is unclaimed property?

A: Any financial asset that has not had any owner-generated activity for an extended period of time. This includes savings accounts, checking accounts, unpaid wages or commissions, stocks, underlying shares, un-cashed dividends, customer deposits or overpayments, certificates of deposit, credit balances, refunds, money orders, paid-up life insurance policies, un-cashed benefits checks, and gift certificates.

Q: How does property become unclaimed?

A: Under South Dakota Unclaimed Property Act, property becomes "unclaimed" when the owner does not respond to attempts by the holder of the asset to activate the account within the dormancy period. The dormancy period ranges from 1 to 15 years depending on property type.

Q: Why does South Dakota have an unclaimed property law?

A: To preserve private property rights and return the property to the rightful owner or heir.

Q: How long does the South Dakota State Treasurer hold unclaimed assets?

A: There is no time limit on claiming your money. Unclaimed assets are held until they are successfully claimed.

Q: Can heirs collect abandoned property?

A: Yes! If they prove that they are the legal heirs entitled to the abandoned property, they can collect as the living relative of an original claimant.

Q: How can I prevent any of my accounts from being turned over to the state?

A: Keep a list of where you have your money or other assets (stock, mutual funds, insurance policies) and be sure those institutions have your current address. This is the best way to prevent your assets from becoming unclaimed.