Money Watchers: Treasury holds $250M in unclaimed property

Rhode Island General Treasurer Gina Raimondo's staff was at the Warwick Mall on Tuesday in an effort to try and unload the more than $250 million the treasury is holding in unclaimed properties.

"The money belongs to the people so we want to give it back to them. So that's why we're doing outreach events like this one, to help raise awareness," said Ashley Gingerella O'Shea of the general treasurer's office.

Currently, the treasury is holding more than 750,000 unclaimed properties.

"It's not real estate, which is what people think it is. It can be money that is left behind in accounts, life insurance proceeds. We have a Tiffany crown. It can be a multitude of items, people leave behind in safe deposit boxes and forget about it or don't tell their heirs," O'Shea said.

Raimondo's office over the last year has returned more than $8 million to more than 8,000 Rhode Islanders. The average claim ranges from $100 to $125.

Some people at the treasurer office's Smart Money Tour had better luck than others.

"We've had three hits so far. Actually that's pretty good," said Brad Inman of the general treasurer's office.

Anyone that couldn't take part in the event can visit the treasury's website and search the unclaimed property database.