In the upcoming weeks, over 3,800 checks are set to be dispatched to residents across South Carolina as part of the State Treasurer’s Office initiative to return unclaimed property, amounting to hundreds of thousands of dollars.
This initiative, dubbed “Palmetto Payback,” is designed to automatically link eligible unclaimed property with its rightful owners and issue checks without requiring a formal claim process.
The first wave of payments, totaling more than $600,000, is expected to hit mailboxes in the coming days, according to the treasurer’s office.
“Our aim is to streamline the process for South Carolinians to reclaim their forgotten funds, ensuring money is returned directly to them,” stated Treasurer Curtis Loftis. “This effort focuses on enhancing efficiency, ensuring accuracy, and ultimately prioritizing service to the people of our state.”
The Treasurer’s Office, which acts as custodian of the funds until the rightful owners come forward, estimates that one in seven people in South Carolina have unclaimed property, averaging about $500. The office currently has over $950 million available to claim.
The Treasurer’s Office, which acts as custodian of the funds until the rightful owners come forward, currently has over $950 million available to claim.
Businesses transfer millions of dollars to the unclaimed property program each year when the owner of the funds cannot be located. The funds can come from dormant bank accounts, stock certificates, uncashed checks, unclaimed insurance proceeds, and forgotten utility deposits, for example.
“While we are excited to automatically return funds to thousands of South Carolinians, not all unclaimed property can be validated through this special initiative,” Loftis said.
All South Carolinians — including those who receive automatic checks — are encouraged to check the treasurer’s website to see if missing money might be waiting for them.
