Iowa Unclaimed Money

The State Treasurer explains Iowa unclaimed money this way:

Unclaimed property can be any financial asset that has been abandoned by its owner for a period of time specified by law. Common types of unclaimed property include:

*dormant bank accounts
*utility refunds
*uncashed checks
*unclaimed wages
*safe-deposit boxes
*insurance dividends
*stock certificates and dividends

They also list the following as reasons why property might be designated "unclaimed":

* People move and simply forget about an account or deposit.
* People get a check, place it in a drawer (something they will take care of later) and forget
* When people die, relatives are often unaware of an old bank account, lock box or a stock the deceased may have owned.
* People divorce, move, perhaps remarry and forget to notify everyone.
* A clerical error at a company; perhaps the name or street is displaced or altered by a honest mistake causing mail to be returned as nondeliverable to the company.

source

Just like most states, Iowa keeps unclaimed funds in perpetuity- until the owner or descendants show-up to get their lost money back. Tangible assets like jewelry, family heirlooms and mementos from safe deposit boxes are another matter though. The State auctions-off items that have been sitting-around the Division of Unclaimed Property in Iowa for more than 5 years. The proceeds are put back into the Treasury as Iowa unclaimed money, still claimable, but it's farewell to the items themselves.