www treasurer sc gov unclaimed : South Carolina Unclaimed Property

www treasurer sc gov unclaimed : South Carolina Unclaimed Property

In South Carolina, virtually any intangible property not in the possession of its owner can be considered unclaimed property. Examples of unclaimed property include dormant bank accounts, uncashed checks (including paychecks), unclaimed insurance proceeds, forgotten utility deposits, uncashed dividend checks and unexchanged shares of stock. It does not include real estate or vehicles.

Unclaimed property laws began in the United States as a consumer protection program and they have evolved to protect not only the owners, but their heirs and estates as well. Once property is in the custody of the state and its unclaimed property program, an aggressive outreach effort begins through mailings, social media, promotions and local media coverage. The state will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.

How does property become unclaimed or abandoned and how can I prevent that from happening to me?

Generally, if the property in question has not had any activity within a certain period of time, usually five years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the South Carolina Unclaimed Property Program. To prevent your accounts from becoming unclaimed or abandoned, keep accounts active and make sure that you make a deposit or withdrawal, update your contact information, or contact your financial institution at least every five years.

Why does the state have such a law?

The South Carolina Unclaimed Property law provides consumer protection by serving as custodian of unclaimed property and by giving owners the means to perform a centralized search.

How does the state get the property?

If there has been no activity in the account for a set period of time, usually five years, the funds are remitted to the South Carolina Unclaimed Property Program in the owner’s name and held until the funds are claimed. Before the unclaimed funds are remitted to the Program, the company holding the funds is required to notify the owners at the address on the company’s records. Despite these efforts, many funds remain unclaimed and are transferred to The South Carolina Unclaimed Property Program, which acts as custodian.

How far back to records go?

South Carolina’s Unclaimed Property law went into effect in 1971. However, there are some accounts with a last date of owner-initiated activity from the 1940’s.

I haven’t always lived in South Carolina. How do I check to see if I have unclaimed property in another state?

Property is reported to the state of the owner’s last known address. If you have lived outside of South Carolina, you should check all states in which you have lived. You can check other states for free by going to www.unclaimed.org (National Association of Unclaimed Property Administrators) to check individual states.

Are there other databases available that I can search for unclaimed property?

Yes. The website for the National Association Unclaimed Property Administrators (NAUPA) contains links to databases for other states. In addition, there are a number of state and federal databases for unclaimed property.

Claiming Unclaimed Property

How do I find out if I have unclaimed property?

The easiest way is to search our online database. It will provide you with the most up-to-date properties available for claim as soon as reports are received and reconciled from holders.

How long do I have to claim the money?

There is no time limit. The rightful owner always has the right to claim the funds.

Is there any charge or fee for this program?

No. There is no fee for this service. 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. You can call us at (803)737-4771.

How long does it take for me to get my money?

Our goal is to expedite all claims and return property to the rightful owners as quickly as possible. Depending on the complexity of the claim, and the thoroughness of the claim documentation, it can take from four to twelve weeks. However, in many cases, the claim is processed within just a few weeks.

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 Probate Order, as well as proof of the deceased’s ownership of the property. Click here for a list of county probate courts in SC. If no estate was opened, or the estate has been closed, contact the South Carolina Unclaimed Property Program at (803) 737-4771 to discuss your options.