Kentucky State Treasurer looking to return more than $2 billion back to residents
WARREN COUNTY, Ky. – The Kentucky State Treasurer’s Office is working to return money to people across the state.
For the second year, the Kentucky State Treasurer’s Office will be travelling around Kentucky looking to return money to individuals as part of unclaimed property week.
Previously reliant on individuals to visit their website to find unclaimed property, a year ago, the treasurer’s office thought it could return more money if it spent a week going to the people instead, and so far, that effort has proved fruitful.
In just two years, the treasurer’s office returned over $123 million to residents as opposed to around $177 million in the eight years before that. The treasurer’s office has retained money since the World War II era and has now looked to return nearly $3 billion.
“We have retained money since 1940. And now the the unclaimed property trust fund equals $1.2 billion” said Kentucky State Treasurer Mark Metcalf. “We’re making the extra effort to get money back to the people who own. It doesn’t belong to the state. It belongs to the people of of Kentucky.”
Metcalf says that there are a few reasons why this money has been left unclaimed by its rightful owners, one of the main being unclaimed death benefits. If the insurer cannot locate the beneficiaries of the policy within three years, they then hand over that money to the treasurer’s office, who will then use the resources available to find them.
Large sums of money have already been paid out to residents across the state with with multiple six-figure sums paying out to resident and even a $1.7 million amount being returned to a Kentucky family from a deceased loved one.
But it’s not just Kentucky residents that the treasurer’s office works to return money to, as businesses also have money owed to them, as well as school boards across the state.
If you missed Tuesday’s opportunity at the Warren County Courthouse, you can still click here to see if you have any money belonging to you that the treasurer’s office held on to.
