The amount and variety of unclaimed property in Iowa is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding Iowa unclaimed property and its reversion to the state, also known as Iowa escheat or escheat Iowa, also mean that business owners have legal obligations if they come into possession of unclaimed property.
Unclaimed property in IA includes stocks, checking/savings accounts, death benefits, vendor checks, over-payments, CDs, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, credit balances, refunds, dividends, commissions, insurance payments, gift certificates and customer deposits.
1. Know the laws regarding escheatment in Iowa and how they affect you as a business owner.
2. Search abandoned property in Iowa to see if you have forgotten some assets.
3. Find an Iowa unclaimed property auction.
Action Steps
The best contacts and resources to help you get it done
Know your obligations regarding IA unclaimed property
As a business owner, you're typically required to report and remit unclaimed property in Iowa. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are regarding escheat Iowa.
I recommend: Go to the Iowa Treasurer's website for
Holder Reporting Instructions. For an outside source on IA escheat reporting requirements, try the
Business Owner's Toolkit.
Search Iowa state unclaimed property to ensure that your business hasn't left some assets behind
It may be a long shot, but why not perform a Iowa unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some IA unclaimed property or even some unclaimed land in Iowa that still belongs to your business.
I recommend: Go to the Iowa Treasurer's unclaimed property website, The Great Iowa Treasure Hunt , to search for
Unclaimed Property. Also utilize the search features of
MissingMoney.com to access unclaimed property information in surrounding states and also look for abandoned property across the country. Another source, although it's commercial, is
CashUnclaimed.com.
Find state of Iowa unclaimed property at auctions
State and local governments, as well as police agencies, sometimes dispose of unclaimed properties in Iowa through auctions. If you like auctions, it can be a good way to save your business some money.
I recommend: PropertyRoom.com auctions unclaimed and seized property from police forces in Iowa and elsewhere.
JUSTAUCTIONS.ORG and
Government-Auctions-Guide.com feature unclaimed properties in IA, as well as foreclosures and seized property.
Tips & Tactics
Helpful advice for making the most of this Guide
- Be wary if approached by someone who wants money in exchange for an IA unclaimed property search; you can get the same information on your own for free.
- All business owners must perform due diligence to locate the owner of any unclaimed property in their possession. Those who fail to report and turn over property to the state could face fines and penalties for ignoring the escheatment IA laws.
The official source of Unclaimed Property in Iowa is
the Unclaimed Property in Iowa page at Business.com
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