Unclaimed Money North Carolina: How to Find Unclaimed Money in North Carolina

North Carolina reportedly has about one billion marked as unclaimed money and properties at present. 

These include bank accounts, paychecks, insurance payouts, utility payments, stocks, bonds, and the contents of safe deposit boxes that have been abandoned for a set amount of time and are regarded as unclaimed properties. 

This time frame typically ranges from 1 to 5 years, depending on the property type.

There are several reasons why money or assets can become unclaimed in North Carolina. Some of these reasons include:

* Failure to claim a tax refund
* The death of the account holder
* Lost paychecks 
* Bank closure 
* Unreported change in address

The last period of contact of the account holder with the financial institution and the time the institution is required to turn over the unclaimed money to the state is the dormancy period. 

There are different dormancy periods for the various type of properties. Here are some of the common dormancy periods for each property type.

Property Types and Dormancy Periods in North Carolina

* Checking and savings account: 5 years
* Payroll and salary: 1 year
* Dividends: 3 years
* Utility deposits and refunds: 1 year
* Money orders: 7 years
* Matured life insurance : 3 years
* Certificate of deposits: 10 years
* Safe deposit boxes: 2 years
* Traveler's checks: 15 years

How to Find Unclaimed Money in North Carolina?

Unclaimed money is managed by the Unclaimed Property Division of the State Treasurer's Office. The division runs an online finding system for unclaimed money in North Carolina. 

The process for finding unclaimed money is made easy, and you can find out information about unclaimed money through the following steps:

1. Log in to the claim search page 
2. Input the full name of the owner
3. Provide personalized details like city and address for streamlined results
4. Use the search button

The search website provides detailed information based on the search parameters and lets you know if unclaimed money is linked to the searched name. 

In addition, information about the financial institution or agency reporting the unclaimed money with the amount reported.

Is there a Charge for Finding Unclaimed Money in North Carolina?

There is no charge for searching for unclaimed money in North Carolina. The name-based search website is free to use and returns all relevant search results within North Carolina. 

Although residents of North Carolina can have unclaimed money in other states or with the Federal Government, the search website is only limited to unclaimed money reported within the state.

How Can I Claim Unclaimed Money in North Carolina?

If you find out that you have unclaimed money in your name or a deceased relative, you can easily lay claim to it. 

The same name-based search website also provides the option for claiming money after the search result has been provided. You can get started with the online claim by:

* Identifying matching results from the search website
* Selecting the claim option usually next to the search result
* You must show your relationship to each unclaimed money
* Selecting "claim" will take you to a contact information page
* You are requested to submit a biodata form 
* Finally, submit your claim

The system will request the claimant to upload certain documents necessary for the claim review after the claim has been submitted. 

Depending on the claimant's connection to the unclaimed funds, additional documentation may be needed. 

Although all claimants are required to provide a form of government issues photo ID and a genuine document proving address, such as a pay stub, bank statement, income tax form, or property records. 

A claim administrator of the Unclaimed Property Division will examine the information and materials given after receiving the claim request and any supporting documentation. 

If the claim is accurate, the administrator must approve the claim and handle the payment for the unclaimed funds. The administrator can also reject the claim if there is inconsistency in the information provided. 

Can you Receive Unclaimed Money for Deceased Relatives?

Yes, it is possible to claim money for deceased relatives. Usually, a next of kin is named by the original owner of accounts or properties. 

The next of kin or immediate family members (if no next of kin was named) are eligible to lay claim to unclaimed money in the State of North Carolina on behalf of the deceased. 

The system requires that supporting documents that determine eligibility are submitted, such as death certificates, proof of relationship, marriage or divorce certificates, etc.

Conclusion 

North Carolina has a unique and efficient system that allows its citizens to easily find unclaimed money in their name or in the name of a deceased relative. 

In addition, the system allows an online claim for the citizens, although the system is limited to only unclaimed money filed by businesses and agencies in North Carolina.