January 18, 2012
Locate SC Unclaimed Money – Part 2 of 2
(Part 2 of 2)
SC is what is known as a "custodial state", and that means that they don't ever actually "own" your funds, they simply hold them for you, and there is never a time limit under which you must claim your money. While there are dozens of different types of unclaimed property, the state treasurer lists the following as the most common sources under the Palmetto Payback Program: uncashed checks (including paychecks), dormant bank accounts, forgotten utility deposits, unclaimed insurance proceeds, unexchanged shares of stock, and uncashed dividend checks.
SC unclaimed property is passed along to the state treasury after significant periods of inactivity. These periods are known as "dormancy periods", and each kind of unclaimed cash has its own. Most are only 1 year, while a number of years must pass for some types of assets to be passed along to the state. On top of that, a state employee must manually input the claim information in to their database %if there is to be% public, searchable record. For those reasons, among others, it is important that people who are serious about finding their forgotten funds, search regularly and search on the proper websites.
Some websites claim to have a database, but most of the time it is anything but reliable. Not only are they generally not current, but many are just totally fake. These websites use "teaser" search results to entice a searcher by convincing them that they're due X dollars in mising money, when in reality that dollar amount is really completely random. Essentially it is a dishonest sales tactic.
Beyond not knowing where to search, searchers also need to realize that they need to search outside of SC. A lot of people have moved to SC after spending most of their lives in many other states. Others may have always resided in SC, but if they had a policy with an insurance company out of state or the corporate headquarters of an employer is based in another state, then there is a good chance they are still owed cash, but SC will never have any record of these funds. It is important to check the state records of any state where somone might have had any sort of business relationship.
It can't be overstated, having the assistance of unclaimed property experts in your search for unclaimed property is vitally important. A pro in this area can help you sidestep all the issues that hinder many searchers, including those mentioned in this article.
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