Iowa State Treasurer Roby Smith is raising awareness about due diligence letters that Iowans may soon receive from businesses holding their unclaimed assets. According to Smith, businesses with dormant accounts, unclaimed insurance policies, and similar assets must send due diligence notices before transferring unclaimed property to the State Treasurer’s Office. Notices are usually sent by letter to the owner’s last-known address, informing them that their property will be turned over to the state if they do not respond within a specified time frame. Unclaimed property sent to the State Treasurer’s Office is held for safekeeping, with efforts made to reunite the owner or rightful heir through the Great Iowa Treasure Hunt. The state has over $524 million in unclaimed assets waiting to be claimed. Log on to www.greatiowatreasurehunt.gov to start your search.
