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1. What is unclaimed property?
Generally, any financial asset, usually money,
that has not been claimed by its owner or has not had any owner-generated
activity for a period of time -- usually five years. This includes:
savings accounts
checking accounts
stocks and bonds
insurance proceeds
uncashed payroll checks
old utility deposits
customers overpayments
2.
How does property become unclaimed?
State law says that property becomes "unclaimed"
when the owner does not respond to attempts by the holder of the
property (for example, the bank, insurance company, brokerage firm
or utility company) to contact the owner of the account after the
account has been inactive for a period of time, usually five years.
If the owner does not respond or cannot be contacted, the property
is then sent to the State to hold on behalf of the rightful owner
until the owner can be found. As long as you can show proof that
the property belongs to you, you can always claim your property.
3. How far back do
the records go?
South Carolinas Unclaimed Property law
went into effect in 1971. However, there are some accounts that
date as far back as the 1940s.
4. 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.
5. 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 Certificate of Appointment
from the Probate Court, as well as proof of ownership of the property.
6. Is there any charge
or fee for this program:
No. There is no fee for this service whether
or not property is found under your name. If you are contacted
by an individual or firm offering to return property to you for
a fee, contact the Unclaimed Property Program Offices BEFORE YOU
SIGN AN AGREEMENT. You can call us at 803/737-4771.
7. What type of proof
is needed to verify a claim?
There are two types of proof that need to be
satisfied for every claim before it is paid. The first is the proof
that the person making the claim is actually that person. The second
is proof that ties that person to the funds being claimed. The claim
form, which must be completed and submitted to the Unclaimed Property
Office, clearly outlines the exact types of identification that
must be provided.
8. How do I find
out whether there is unclaimed property in my name?
(a) To search the Unclaimed
Property Program database now for your name, click Unclaimed
Property Search to
activate a search. If you choose to search online, please disregard
options (b) and (c) below.
OR
(b) Call the Unclaimed Property Program at (803)
737-4771 between 8:30 am and 5:00 pm Monday through Friday.
OR
(c)Write us at: Unclaimed Property
Program, State Treasurers Office, P.O. Box 11778, Columbia,
SC 29211 or email us at: payback@sto.state.sc.us. Be
sure to include your full name, any previous names, current and
previous address(es) in South Carolina, and work and home telephone
numbers.
9. What if
I have lived in another state and left money there?
Property is reported to the
last known residence, so if you 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) and also
as www.missingmoney.com
(State's Sponsored National Database).
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