Newsroom

Building Access, Not Barriers

One hundred and fifty thousand dollars. It’s not an insignificant sum of money. It can pay off a home – cover the purchase of a new car (and years’ worth of gas) – pay for college – deliver financial security. Now, imagine losing it.

This spring, my team was doing a routine scan of unclaimed money records when they came across $15,000 for a widow in Madison, Mississippi. As is practice, we reached out immediately seeing that it was a simple, uncontested return process. Then, we dug a little deeper.

For decades, this woman had served the state of Mississippi, teaching school in the Madison area. As any educator would tell you: while you’re heavily rewarded with the idea of shaping the next generation, the financial reward isn’t always as lucrative. Now in her retirement, she was living on a fixed income. A discovery from our team, however, was about to change things for her.

When her husband passed, an account fell through the cracks. The financial institution didn’t know who the rightful owner was now that the primary holder was gone. So, it was sent to the State Treasury for safe keeping. But this money was never ours to keep. After our team found the initial unclaimed funds, we dug further and uncovered another $150,000.

Let me tell you: making the call to inform a woman that she was about to receive a check worth a total of $173,546 is something our team won’t long forget. It’s the kind of money that can make the recipient breathe a sigh of relief as tears flood their eyes.

For most Mississippians, the unclaimed money in their name will be far less than what we found for this woman. But in today’s economy, even a few hundred dollars can make a difference.

The rising cost of gas and groceries is something many feel every week, but the instability of the housing market has not only made housing less affordable but less abundant. This is one of the many reasons why it’s critical for the state to maintain its strong credit rating, which I’ve done as Treasurer.

When a state’s credit rating is strong, it can help drive down the interest rates applied when municipal bonds are issued. This, in turn, allows agencies to competitively finance more affordable housing units, increasing supply and helping to lower costs for buyers and renters.

I don’t know how that widow from Madison chose to spend the $173,546 in unclaimed money we found for her. I don’t know if it was put into savings, given to her grandchildren, or used to pay off a home. What I do know is that the State Treasury will always fight to deliver financial security where we can – whether that’s returning your unclaimed money or keeping the state’s credit rating strong.

To search for unclaimed money in your own name, please visit treasury.ms.gov/search.