Surprise Checks Coming: State Treasurer Curtis Loftis announces "Palmetto Payback" initiative to return $600,000 in Unclaimed Funds to South Carolinians

COLUMBIA, SC (May 5, 2025) – Some South Carolinians may find some unexpected cash in their mailboxes this month, thanks to a new initiative from State Treasurer Curtis Loftis. Palmetto Payback is matching qualified unclaimed property to its owner, automatically generating checks without the need for residents to file a claim. The first wave of these payments, totaling more than $600,000, will be arriving in homes this week.

"We've had tremendous success in returning unclaimed property through traditional methods, but Palmetto Payback is taking that commitment a step further," said Treasurer Loftis. "We want to make it easier for South Carolinians to get their forgotten funds back, putting money directly into their hands. This is about efficiency, accuracy, and ultimately, about serving the people of our state."

This initial distribution is just the beginning of the Palmetto Payback initiative, which aims to streamline the return of millions of dollars in unclaimed property. 

“While we are excited to automatically return funds to thousands of South Carolinians, not all unclaimed property can be validated through this special initiative,” Treasurer Loftis added. "We encourage everyone, including those who receive a check through Palmetto Payback, to regularly search our online database at treasurer.sc.gov to find and claim any additional missing funds," Treasurer Loftis added.

It is estimated that one in seven people in South Carolina has unclaimed property, with the average property worth more than $500. These funds originate from various sources, including dormant bank accounts, stock certificates, uncashed checks (including paychecks), insurance proceeds, and utility deposits that companies have been unable to return to their owners.