Thursday, June 7, 2012
S.C. Treasurer wants to give you your money back
$300 million in unclaimed dough sitting in state's care
Posted by Paul Bowers on Thu, Jun 7, 2012 at 5:00 AM
S.C. Treasurer Curtis Loftis will make a stop in Summerville this afternoon to help people find out if they've got money owed to them sitting in the state's care. According to Loftis, South Carolina is currently holding about 1.5 million accounts totaling $300 million in its Unclaimed Property Program.
Loftis will appear from 5 to 6 p.m. at The Red Pepper (709 N. Main St.), where he can answer questions and instantly check to see if you are owed any money via the state of South Carolina. Last year, the Treasurer's Office returned $13 million to rightful owners.
Can't make it out tonight? You can always check to see if your name is in the Palmetto Payback unclaimed-property database.
The Treasurer's Office ends up holding people's money for a variety of reasons. Public Affairs Director Brian DeRoy says one common situation is when a person switches jobs and the old employer doesn't have a forwarding address to send a final paycheck. A few other situations that might mean you have unclaimed money sitting around in Columbia:
• You opened a bank account long ago, left some money in it, and forgot it was there.
• You were the beneficiary of a life insurance policy without realizing it.
• The cable or utility company owes you back a deposit.
• You have uncashed payroll checks.
According to DeRoy, Rep. Carl L. Anderson (D-Georgetown) found out Wednesday that he was owed $1,000. He had written someone a $1,000 cashier's check several years ago, but the person died without ever cashing it. The money went back to the bank at that point, then to the Treasurer's Office.
If you are eligible to receive unclaimed money, you will be asked to submit a claim form to prove you are who you say you are. There is no fee for searching the database or claiming your money.
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