South Carolina Unclaimed Money Owed To Millions Of Residents

By: Arthor Pens

As of one year ago, the Office of the State Treasurer of South Carolina was holding over $200 million in money that belonged to other people. This is what is known as unclaimed money – money that people have forgotten about or never knew was owed to them and which could not be given to them.

You may think that you could not possibly be one of these people because you keep track of your money and would know if you had not received what is owed to you. Most people think this way. But the figure of $200 million is not something that can be disputed. The money belongs to the people and one of them could be you.

Any money that is unclaimed for a period of time is handed over to the State. SC is what is known as a “custodial state” which means that the money never belongs to the State which will only act as a custodian to care for your money until the rightful claimant appears.

Unclaimed money and property can be in almost any form. As per State officials, the most common forms of unclaimed money are dormant bank accounts, uncashed dividend checks, forgotten utility deposits, un-exchanged shares of stock, uncashed checks (especially paychecks), tax refunds and unclaimed insurance payments.

SC has what is called the Palmetto Payback Program wherein it tries to locate and return money to the rightful owners. In September of 2007 they were able to return $900,000 of unclaimed money but unclaimed money collects faster than it can be returned, so the amount keeps growing.

Like all states, SC has an online searchable data base that anyone can access to search for money that belongs to them, their family or even a friend. Its free and does not take much time. You never know what you may find.

Remember that you need not even have been a resident of SC to have unclaimed money lying in the State. Undelivered money in any form that was due from an employer or insurance company headquartered in the State could be lying in your name with the SC government, waiting to be claimed.

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