(Part 1 of 2)

As recently as Oct. 2007, it was determined by the Office of the State Treasurer of SC that the state is currently holding two hundred million dollars that belongs to South Carolinians who only need to step forward and make their claim on it, if they know how to track it down. Despite increased efforts to reconnect South Carolina unclaimed money with the rightful owners, which actually lead to a record annual return of 900 thousand dollars in Sept. 2007, the pile of assets continues to grow.

Every year, SC, like most states, continues see more money turned in than it is able to return to the rightful owners. The main reason is the fact that most residents are not aware that these monies are out there, which goes without saying, or they would not ever have abandoned them long enough for them to be deemed "unclaimed". Even people who are aware of the billions of dollars in unclaimed money all across the country usually don't know how to go about tracking them down.

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 the owners, and there is no time limit under which you are required to claim your cash. Even though there are dozens of different types of unclaimed money, the state treasurer names the following as the most common types 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.

(to be continued)

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