Unclaimed Money South Carolina: How to Find Unclaimed Money in South Carolina
November 12, 2022
If you live or have lived in South Carolina, there is a likelihood that you might have some unclaimed money or financial asset.
The South Carolina legislature has an unclaimed property law for the protection of properties and the owners and their estates and heirs as well.
Under the South Carolina Unclaimed Property Act, when a property, including money and other financial assets, has not been accessed by its owners for a specific period of time, usually five years, and the holders are unable to identify or locate the legitimate owners, the money will be included in the Unclaimed Property Program of the South Carolina Treasury Department.
If you don’t want your money to become unclaimed, it is vital to maintain some useful tips such as:
* Maintaining active contact with the funds and their holders * Regularly updating your contact information * Cashing your time checks when due * Clearing out your balances while moving out of the state
Common examples of unclaimed money in South Carolina include forgotten bank accounts, utility deposits, contents of safe deposit boxes, uncashed checks (including paychecks), uncashed dividend checks, unexchanged shares of stock, unclaimed insurance proceeds, dormant bank accounts, etc.
According to the South Carolina Unclaimed Property Act, holders of unclaimed money, such as businesses, churches, financial institutions (such as banks and insurance companies), charities, and estates, must make every effort possible to reunite unclaimed funds in their possession with the rightful owners.
Where the owner(s) of the state of South Carolina unclaimed money cannot be located, the money is transferred to the South Carolina Treasurer’s Office.
The process of transferring the funds is known as escheatment, and this is provided under statute 37-13-60.
The South Carolina Treasurer’s Office is tasked with keeping and securing every unclaimed money handed to the state.
The state treasury has over $700 million in unclaimed funds belonging to thousands of account owners, and every year, the treasury department disburses millions of unclaimed funds to their rightful owners.
Persons Who Can Claim South Carolina Unclaimed Funds for Deceased Relatives:
If the original owner of unclaimed money South Carolina funds is dead, such money can still be claimed by the following persons:
* The heir * The estate executor or administrator * The legal representative of the rightful owner * Court-appointed probate
How to Find Unclaimed Money in South Carolina:
As already mentioned above, the South Carolina State Treasurer is responsible for holding and preserving all unclaimed money in the state. In addition, the treasury department has an online database that is publicly available to members of the public.
You can find money connected to your name or your company’s name on the platform. You can conduct your search by following the guidelines below:
1. Navigate to the official website of the state treasurer 2. Enter your last name or business name 3. Type in your first name and the name of the city where the money is located 4. Click on the “Search” button 5. Choose the “Claim” button if you find any item matching your name 6. Click on “View Claimed Properties” to submit your claim
Part of the process requires you to establish your relationship with the owner of the South Carolina unclaimed property (this applies when the claimant is not the direct owner of the unclaimed fund).
You will also be required to provide supporting evidence, such as proof of address, proof of Social Security Number (SSN), tax ID, and photo IDs, such as a U.S passport or a driver’s license.
The site will provide you with a secure link to file your claim. You can also mail your claim to:
South Carolina State Treasurer, Unclaimed Property Program, 1200 Senate Street, Suite 214, Wade Hampton Building, Columbia, SC 29201
You can also contact the unclaimed property division at (803) 737-4771. Once the claim form and other supporting documents have been received, the South Carolina State Treasurer’s Office will evaluate such claims and, if approved, issue a check for the value of the unclaimed money or financial asset.
The standard processing period is usually between 4-6 weeks.
There is no statute of limitation with respect to unclaimed money in South Carolina.
Therefore, the money is kept indefinitely with the state’s treasurer and can be accessed upon submission of the necessary documents.
This means that residents of the state can still recover their unclaimed money several years after such money has been abandoned.
Finally, apart from the state’s treasury department, claimants can also find their unclaimed money from other dedicated platforms and agencies. Below is a list of suggestions:
* HUD/FHA Mortgage Insurance Refunds * The U.S Bankruptcy Court, South Carolina Division * The National Association of Unclaimed Property Administrators * Treasury Hunt
Unclaimed property laws began in the United States as a consumer protection program and have since evolved to include the protection of owners and their estates and heirs.
Persons searching for unclaimed money in South Carolina can utilize the procedures outlined above!
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