For Immediate Release
Tuesday, 26 June 2001

DON’T PAY FOR A SERVICE WE PROVIDE FOR FREE
Bypass Confusing and Costly Solicitations, Patterson Says

 

Columbia, SC – "Check with our office before you pay a company to find out if the state is holding money for you," Treasurer Grady L. Patterson, Jr. said this morning.

Companies have begun to contact South Carolinians again this year offering to locate missing money for a fee. Some of these companies offer services only after being paid while others charge a percentage of the money that is found.

The South Carolina Unclaimed Property Program is now holding over $130 million in more than 800,000 accounts. Unclaimed Property is property deemed abandoned for the statutory dormancy period (five years for most property). Financial assets, such as dormant bank accounts, uncashed checks, unclaimed stock shares, and forgotten utility deposits, for which the owner cannot be located, are turned over to the State Treasurer’s Office for safekeeping. Unclaimed Property is held until the rightful owner can be found.

Companies use the list of Unclaimed Property accounts – which are available to the public – to identify and solicit South Carolinians. They then charge individuals to help them recover their property.

"Cut out the middle man in this transaction. Don’t spend your hard earned money to retrieve more of your hard earned money. Just contact our office and, if you have Unclaimed Property we’ll get your money back to you quickly and at no charge.

"The choice is simple: pay a fee or find out for free," Treasurer Patterson said. "Many of these companies are reputable, but why spend your money? The South Carolina Treasurer’s Office assists the public for free."

To find out if you have unclaimed money being held for you just check with the State Treasurer’s Office. Search our database at www.state.sc.us/treas (then go to our Unclaimed Property page) or you can call our office at 803/737-4771 during business hours.

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For more information contact:
David A. Adams, 803/734-0380