Office of the State Treasurer

500 East Capitol Avenue, Pierre, SD 57501-5070

Telephone: (605) 773-3378 ● Fax: (605) 773-3115
www.sdtreasurer.gov

FOR IMMEDIATE RELEASE: Wednesday, September 30, 2015

PRESS RELEASE

Contact: Sigrid Wald, public relations manager, Sigrid.Wald@state.sd.us, 605-773-3378

Business reminder: deadline to report unclaimed property is Nov. 2

State Treasurer Rich Sattgast reminds all businesses to review their records and report any funds, securities or other property that have gone unclaimed to the Office of the State Treasurer by Monday, November 2, 2015.

South Dakota State Law (SDCL 43-41B) requires that businesses, otherwise known as holders, report property which is presumed to be "abandoned" or "unclaimed" to the state treasurer after the appropriate dormancy period.

 “Banking and financial organizations, business associations, utility companies and legal entities are all required by law to report unclaimed property to the state,” said Sattgast. “It’s important that businesses are informed of their unclaimed property reporting and escheatment obligations.”

Unclaimed property is lost financial assets such as uncashed payroll checks, inactive savings accounts, utility deposits, uncashed stock and mutual fund dividends, stock certificates, overpayments, credit balances, refunds, gift certificates and uncashed insurance payments.

“Businesses are required to report unclaimed property down to the penny. Both the Treasurer’s office and the businesses reporting unclaimed property want to ensure every cent is returned to the rightful owners,” Sattgast said. “It really is a positive program for everyone involved.” 

For more information on reporting unclaimed property in South Dakota, visit www.sdtreasurer.gov.

To talk to an unclaimed property representative about the reporting process, call
605-773-3379 or email holders@sdtreasurer.gov.