State Treasurer Curtis Loftis and WSPA News 7 team up for Claim Your Cash for Christmas Phone Bank
September 8, 2018
State Treasurer Curtis Loftis and WSPA want to help you find your lost money. The State Treasurer’s Office currently has over $550 million in unclaimed property and over $117 million of this belongs to individuals and businesses in the Upstate.
WSPA News 7 is hosting a “Claim Your Cash for Christmas” phone bank on Monday, September 10, beginning at 5:00 pm. Staff from the State Treasurer’s Office will be on hand to take your calls. If you miss the live phone bank, you can also search for unclaimed property online by clicking here.
Below are the answers to some frequently asked questions regarding the Unclaimed Property Program at the State Treasurer's Office:
How do I find out if I have unclaimed property?
Go to the official website: www.treasurer.sc.gov and click to search for unclaimed property.
What is unclaimed property?
In South Carolina, unclaimed property consists of money or securities that an owner has forgotten about, lost, or never even knew existed, that remain in the possession of a business for a period of time, usually five years.
These funds become unclaimed because the company loses track of the customer, due to an incorrect address or other missing information. Some examples of unclaimed property include dormant bank accounts, uncashed checks (including paychecks), unclaimed insurance proceeds, forgotten utility deposits, uncashed dividend checks, and unchanged shares of stock.
How does unclaimed property end up at the State Treasurer’s Office?
If a company cannot locate the owner of funds after a certain period of time (usually five years), the company cannot keep the money. Acting in the best interest of consumers, every state has a law that requires unclaimed funds to be sent to the State’s Unclaimed Property Program who holds the funds until the rightful owner can be found.
How long does the State hold money?
There is no time limit. The rightful owner always has the right to claim the funds.
What if the original owner is deceased?
The Personal Representative for the estate can make a claim on the property by providing a copy of the death certificate, a currently dated Certificate of Appointment from the Probate Court, as well as proof of ownership of the property.
Is there any charge or fee for this program?
No. There is no fee for this service whether or not property is found under your name. If you are contacted by an individual or firm offering to return property to you for a fee, contact the South Carolina Unclaimed Property Program Offices BEFORE YOU SIGN AN AGREEMENT.
How much money is the State holding?
Over $550 million dollars.
How much money was returned to its rightful owners last year by the Treasurer's Office?
Last fiscal year, more than $36 million was returned.
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