Unclaimed money in the state of South Carolina totals over $550 million and state treasurer Curtis Loftis has a new creative way to get residents of SC to search for their money. The new program is called ‘Claim your cash for Christmas’. Loftis is asking all past and former residents of South Carolina to look no further than the state treasurers coffers for unclaimed money for some extra holiday spending.
“We can all use a little extra money, especially around the holidays. Now is the perfect time to search the State Treasurer’s website for an unclaimed property because valid claims received in September will be processed for payment in plenty of time for the holiday season,” Loftis said. “And it allows me the opportunity to play Santa and return lost funds to South Carolinians.”
According to the SC state website, 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 shares of stock. It does not include real estate or vehicles like some other states include.
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.