(Part 1 of 2)

As recently as October 2007, it had been determined by the Office of the State Treasurer of South Carolina that the state is currently holding 200 million dollars that belongs to citizens who need only come forward and make their claim on it, if they can track it down. In spite of increased efforts to reunite South Carolina unclaimed money with the rightful owners, which lead to a record annual return of $900,000 in Sept. 2007, the heap of cash is still growing.

Each year, South Carolina, like most states, continues see more money turned in than it is able to give back to the rightful owners. The main problem is the fact that most people are completely unaware that these monies are out there, which is obvious, or they would not ever have forgotten about them long enough for them to be classified "unclaimed". Even those who have heard about the billions of dollars in unclaimed money across the nation generally do not know how to go about finding them.

South Carolina is what is called a "custodial state", and that means that they don't ever actually "own" your funds, they simply hold on to them for you, and there is no time limit under which you must claim your funds. Even though there are many different types of unclaimed money, the SC state treasurer lists the following as the most common sources under the Palmetto Payback Program: forgotten utility deposits, unclaimed insurance proceeds, unexchanged shares of stock, uncashed dividend checks, uncashed checks (including paychecks), and dormant bank accounts.

South Carolina unclaimed money is given to the state treasury after lengthy periods of being inactive. These periods of time are called "dormancy periods", and each type of unclaimed asset has its own. Some are just one year, but many years have to pass for many other types of assets to be given to the state. Even more important to know is the fact that and employee of the state must manually input the account information in to the state's database %if there is to be% public, searchable record. For those reasons, among others, it's important that anyone who is serious about locating their abandoned assets, search frequently and search on the proper web sites.

(to be continued)

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