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The State Treasurer is the state's chief banking official with duties of serves as the receiver and custodian of all state funds. Also manages the state's banking relationships and state fund transfers, depositor of all state public funds, administers the state's unclaimed property program, oversees repayment of certain student grant and loan programs, administers the Teen Court Grant program fund and the Commission of Equal Access to our Courts, promotes financial literacy for high school students, supervises local bank accounts held by various state agencies, and Directs all electronic fund transfers. The State Treasurer is a member of the State Investment Council, which is affiliated with the Office of the State Treasurer for administrative purposes.

The State Treasurer is holding millions of dollars in unclaimed funds for South Dakotans. The State holds these lost funds until they are claimed by either the original owner or their heirs. They can be claimed at no cost with the proper identification. Unclaimed property consists of abandoned financial assets such as checking, savings or Christmas club accounts; unpaid wages, un-cashed payroll, cashiers, or benefit checks, money orders and travelers checks; certificates of deposit, stocks, oil and gas royalty payments, dividends and securities; customer deposits or overpayments, utility and telephone deposits; life, health or accident insurance payouts; and the proceeds of safe deposit boxes that are without activity for a certain period of time. It does not include real estate or vehicles.