1 in 20 residents have unclaimed property

Published 10:30 am Tuesday, August 7, 2012

ST. PAUL, Minn. (AP) — The state estimates that about one in 20 Minnesotans has at least $100 in unclaimed property.

The Department of Commerce says that this year alone 7,200 state residents have reclaimed $19 million in missing money from bank accounts, life insurance policies, safe deposit boxes and other assets.

Commerce officials say nearly $264 million worth of property has been returned to Minnesotans since the unclaimed property program began in 1969.

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Minnesota is among states that are linked to the website MissingMoney.com. KMSP-TV (http://bit.ly/P3fzmX ) reports that search functions on the site have been improved to reduce the time it takes to return unclaimed property.

The state says that as of March, more than $500 million worth of property remains unclaimed.