Unclaimed Money Blog

June 16, 2009

South Carolina Unclaimed Money and Funds

Filed under: Uncategorized — admin @ 1:05 am

As of October 2007, it was determined by the Office of the State Treasury of S. Carolina that the state is currently holds more than 200 million dollars that is owed to residents who only need to come forward and claim it, if they know how to track it down. Despite improved efforts to reunite South Carolina unclaimed money with the rightful owners, which lead to a record annual return of $900,000 in Sept. 2007, the pile of cash grows larger every year.

Annually, S. Carolina, like most states, continues to take in more money than it is able to give back to the rightful owners. The primary problem is the fact that the majority of people are completely unaware that these assets even exist, which goes without saying, or they’d not ever have forgotten about them long enough for them to be classified “unclaimed”. Even the few who are aware of the billions of dollars in unclaimed money all across the country generally don’t have a clue how to go about locating them.

S. Carolina is what is called a “custodial state”, and that means that they don’t ever actually own your assets, they just hold them for the owners, and there is never a time frame under which you are required to claim your cash. While there are many different types of unclaimed money, the state treasurer lists the following as the most common kinds under the Palmetto Payback Program: uncashed checks (including paychecks), dormant bank accounts, forgotten utility deposits, unclaimed insurance proceeds, unexchanged shares of stock, and uncashed dividend checks.

S. Carolina unclaimed money is given to the state treasury after long periods of being inactive. These periods of time are called “dormancy periods”, and each type of unclaimed cash has its own. Many are just 1 year, but many years must pass for some types of funds to be given to the state. On top of that, and employee of the state has to manually input the claim information in to the state’s system %if there is to be% public, searchable record. For these reasons, among others, it’s very important that people who are serious about locating their abandoned assets, search often and search on the proper websites.

Many websites claim to have a database, but more often than not it is not very reliable. Not only are they often not current, but many of them are just totally fake. These websites use “teaser” searches to entice a searcher by convincing them that they’re due X dollars in mising money, when that dollar amount was generated at random. Basically it is a misleading sales tactic.

Beyond not knowing where to search, searchers also need to realize that they should search outside of S. Carolina. A lot of people have moved to S. Carolina after having spent most of their lives in one or a number of other states. Others may have always lived in S. Carolina, but if they had a policy with an insurance company out of state or the corporate headquarters of an employer is based in a different state, then there is a good chance that they’re still owed assets, but S. Carolina would never have a record of these assets. It’s very important to check the state listings of every state where somone might have had any type of business relationship.

It cannot be said enough, having the help of unclaimed money pros in your search for unclaimed money is vitally important. An expert in this field can help you overcome all the problems that plague many searchers, including the few mentioned in this article.

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