(Part 2 of 2)

It was stated by WI's State Treasurer in a recent interview on a report by the WI Radio Network, they just run out of space to store all of the unclaimed assets as they keep piling up year after year. "We do actively search for people for up to three years and then after that time, because we don't have a lot of space, we do have these auctions", she said in a report recently. The proceeds from these items are then held on to by the state like all other unclaimed monetary assets and are used by the state until the true owners step forward to claim them. "Until we can find an owner or an heir, yes, we do use the profits to support our office…", said Sass. These funds from auctioned unclaimed items in WI can still be claimed at any time in the future though. "You know there are people who, you know, may be in the service and are stationed over seas for five, six, seven years and then they come back and realize that their, you know, mother's safety deposit box was turned over. So, you know, they had no way of knowing that before they came back year, so we always keep the money earmarked for whoever that belonged to, so they never lose out." Sass adds. The interest earned on these assets helps fund things like WI low-interest loans to municipalities and school libraries.

According to the State Treasurer, one of the biggest checks for WI unclaimed money handled by her office was worth 750 thousand dollars. All the more reason that residents ought to do an unclaimed property search and learn if they have some WI 'cheese' with the State Treasurer.

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(Part 1 of 2)

WI is home to a lot more American goodies than just milk and cheese. The Badger State is also home to catfish (Potosi, WI), Harley Davidson Motorcycles, and the Green Bay Packers. An amusing fact I just found out about Green Bay that few people know about is that it's also the world toilet paper capital. There is another type of paper that you can find piled up in WI's Treasury Dept. though – the green, good-smelling kind. Yep, Wisconsin unclaimed money amounting to almost $400 million is in the State Treasurer's hands and they're attempting to give it back to over a million people who are owed their slice of the pie.

Unclaimed money is handed over to the Treasurer's Office when forgotten funds are not given back to the rightful owners after a given period. The 'dormancy period' for WI unclaimed cash is five years. Forgotten properties can come from numerous sources – uncashed savings and salary checks, lost or unused gift checks, stock dividends, lost traveler's checks, forgotten bank accounts, and other monies that have been forgotten about and lost track of. The only tangible assets covered under the WI Unclaimed Money Law are contents of safe deposit boxes that have been determined to be abandoned. The State Treasury Office tries to locate the owners of family heirlooms, pocket watches, sports cards, coins, jewelry, etc. but ultimately has to auction them off at eBay after three years. "There are a lot of safety deposit boxes that get turned over to us which a lot of people don't tell their kids, 'Hey we have a safety deposit box.' So we actively search for those owners for three years and if we can't find them we auction off the contents of the boxes. We do that on eBay," said State Treasurer Dawn Marie Sass.

(to be continued)

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(Part 2 of 2)

Unclaimed money is turned over to the Treasury Office when abandoned assets aren't given back to the rightful owners after a specified period. The 'dormancy period' for Wisconsin unclaimed cash is five years. Lost money can come from a variety of sources – uncashed savings and salary checks, lost or unused gift checks, stock dividends, lost traveler's checks, forgotten bank accounts, and other financial assets that have been forgotten about and lost track of. The only tangible assets covered under the Wisconsin Unclaimed Property Law are the contents of safety deposit boxes that have been classified abandoned. The State Treasurer's Office attempts to locate the owners of family heirlooms, pocket watches, sports cards, coins, jewelry, etc. but ultimately has to auction them off at eBay after 3 years. "There are a lot of safety deposit boxes that get turned over to us which a lot of people don't tell their kids, 'Hey we have a safety deposit box.' So we actively search for those owners for three years and if we can't find them we auction off the contents of the boxes. We do that on eBay," said State Treasurer Dawn Marie Sass.

It was stated by Wisconsin's State Treasurer in a recent interview on a report by the Wisconsin Radio Network, they just run out of space to store all the unclaimed properties as they keep piling up each year. "We do actively search for people for up to three years and then after that time, because we don't have a lot of space, we do have these auctions", she said in a recent report. The proceeds from those items are then held by the state like all other unclaimed monetary assets and are used by the state until their owners step forward and claim them. "Until we can find an owner or an heir, yes, we do use the profits to support our office…", says Sass. The money from auctioned unclaimed items in Wisconsin may still be claimed at any time in the future though. "You know there are people who, you know, may be in the service and are stationed over seas for five, six, seven years and then they come back and realize that their, you know, mother's safety deposit box was turned over. So, you know, they had no way of knowing that before they came back year, so we always keep the money earmarked for whoever that belonged to, so they never lose out." Sass adds. The interest that is accrued on these assets helps fund things like Wisconsin school libraries and low-interest loans to municipalities.

According to the State Treasurer, one of the largest checks for Wisconsin unclaimed property handled by her office was in the amount of 750 thousand dollars. All the more reason that Wisconsinites ought to do an unclaimed property search and learn if they have some Wisconsin 'cheddar' being held by the State Treasurer.

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