Thursday letters: Millions waiting to be claimed
07/17/2014 12:00 AM
07/16/2014 3:44 PM
The state has millions of dollars that it wants to give South Carolinians — no strings attached. Individuals, businesses and nonprofit organizations have $419 million in unclaimed property that is being held by the state treasury. The Palmetto Payback Program was created to return this money to its rightful owners, free of charge.
Unclaimed property includes dormant bank accounts, uncashed checks, unclaimed insurance proceeds, forgotten utility deposits, uncashed dividend checks and unexchanged shares of stock. When there has been no activity associated with funds or stocks for five years, they are remitted to the Palmetto Payback Program in the owners’ names and held in a special account until they are claimed by the rightful owners or the owners’ heirs.
Currently, 390,394 accounts, worth nearly $55 million, are available for claim in Richland and Lexington counties. Depending upon the complexity of the claim, and the evidence provided by the claimant, claims are processed in four to 12 weeks.
Efforts to return this hard-earned money wouldn’t be possible without partnerships with businesses across the United States, especially those in South Carolina, which assist us with remittance of funds owed to South Carolinians.
Please visit treasurer.sc.gov to see if we are holding unclaimed property for you, your business or someone you know. We’ll work to make sure you get it back.
Curtis M. Loftis Jr.
Editor's Choice Videos
Join the Discussion
The State is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.