PROVIDENCE, R.I. (WPRI) – Every year Rhode Island’s Office of the General Treasurer receives millions of dollars in cash and assets that have gone unclaimed.

In 2020, that amount rose by $20 million.

General Treasurer Seth Magaziner joined 12 News Now at 4 on Friday to explain where the money comes from and what happens with it.

“This is money that belongs to Rhode Islanders but for whatever reason has been misplaced,” Magaziner said. “It can be old bank accounts that have become dormant, it can be insurance settlements that people didn’t realized that they were owed.”

The assets and cash can also come from “businesses, banks, landlords, safe deposit boxes and utility companies,” according to the Unclaimed Property Division’s website, which also says more than 300,000 Rhode Islanders have property waiting to be returned to them.

“We have millions of dollars that we’re trying to get out the door back to its rightful owner,” Magaziner said.

People who want to know if they’re eligible to claim missing money can head to and enter their name into the database.

“Even if you don’t have missing money, I guarantee that if you search your friends and your family in Rhode Island you’ll find somebody who does,” Magaziner said. “And you can play Santa this year in reuniting your friends and your family with their unclaimed money.”

Watch the full conversation with Magaziner in the video below, where he also discusses how COVID-19 has impacted Treasury operations and whether he’ll run for governor in 2022.