State Treasurer's Office breaks unclaimed property payout record - WKOW 27: Madison, WI Breaking News, Weather and Sports

State Treasurer's Office breaks unclaimed property payout record

MADISON (WKOW) -- Nearly 5,000 claims were paid to Wisconsin residents in March, thanks to the State Treasurer's Unclaimed Property Department. That's a monthly record.

A new test program that fast tracks smaller claims coming into the Office of the Treasurer helped claims specialists approve and pay out to residents who discovered the State was holding onto their money.

"This is a credit to my staff," Treasurer Sass said. "We implemented the fast track program to see how quickly we could process certain claims. We are seeing more claims come into the office every month and we want to get those people their money as quickly as possible."

In March, the Unclaimed Property Department paid out more than $3 million on 4,848 claims. The second highest pay out month was October 2009 when 4,760 claims were paid. The next highest pay out month was in October 2007 when3,194 claims were paid.

The new fast track program gives specialists the ability to quickly approve any claim of $200 or less.

"Last year, we started seeing claims for very small cash amounts…$5.00, $10.00," Treasurer Sass said. "It just made sense to push those through much more quickly."

Since Treasurer Sass took office in 2007, claim requests and pay outs have set new annual records. In 2009, the Office of the Treasurer broke a record by paying out on 26,238 claims. In the first three months of 2010, nearly $8 million linked to 9,646 claims has been paid to Wisconsin residents.

For more information on unclaimed property or to search the database for your name, click here.

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