Home » Treasure Finders targets Magoffin with $160,000 in unclaimed cash

Treasure Finders targets Magoffin with $160,000 in unclaimed cash

Treasurer aims to find the owners at housing/business fair for storm victims

FRANKFORT, Ky. (May 1, 2012) — Kentucky Treasurer Todd Hollenbach will be in Salyersville on Wednesday (May 2) from 2 to 5 p.m. at the Magoffin County Health Department participating in a housing and business fair for victims of the storms that devastated the county in March.

Hollenbach will be armed with a computer and a database of over 1,500 unclaimed properties valued at nearly $160,000 dollars with the aim of getting that money back to the rightful owners in Magoffin. Several of the claims are owned by local businesses.

“This is treasury’s way of helping out the folks here in Magoffin and the rest of the storm ravaged counties”, Hollenbach said. “Our goal is to return every dollar possible and quickly so that this money will find its way into the local economies and help the communities rebuild. “

Treasure Finders is a statewide proactive outreach to notify potential claimants of cash being held by the Kentucky State Treasury. Each year, the treasury receives millions of dollars from holders (such as banks and insurance companies) who by statute must transfer assets of inactive accounts to the treasury for holding. To accelerate the return of the money, Hollenbach created the Treasure Finders program in 2009 and since that time has returned a record $61.6 million in claims.

Hollenbach is piloting a new form of Treasure Finder’s using computer software donated by LeXis NeXis, an information technology services company. The software is being used to quickly search and verify claimants in the counties hardest hit by the March tornadoes.

So far, 187 unclaimed properties have been verified in Magoffin County using the new program. Claim filing forms were mailed to businesses and residents on Monday, April 16, along with a letter from the treasurer notifying them of their claims.