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South Carolina Unclaimed Property

South Carolina Unclaimed Property is held by the Office of State Treasurer in the State of South Carolina. The Office obtains this unclaimed money from financial institutions, banks, insurance companies, government agencies and other entities every year.

South Carolina Unclaimed Property Law

In fact, it is the unclaimed property law of the state that makes it mandatory for businesses to report unclaimed funds after reviewing their records of accounts. Alongside, this Unclaimed Property Reporting must be done in accordance with the state law.

A holder can keep a property, which rightfully belongs to other individual as long as the law of the state permits. After the expiry of this period, the property becomes unclaimed or abandoned and must be turned over to the state of SC.

SC Unclaimed Properties

In the State of South Carolina, Unclaimed Money and Property is transferred to the Palmetto Payback Program being administered by the Office of State Treasurer. The kinds of property handled through this program are mostly intangible assets. Tangible assets like real estate or vehicles are not included in the program. Some examples of unclaimed Money in SC include stock certificates, bank accounts, checks, utility deposits and insurance policies. The state of South Carolina holds the unclaimed property in its safe custody until the owners file claims.

Moreover, there is no time limit for filing a claim and the Unclaimed Funds in SC are always available for the benefits of rightful owners. There is no charge either for claiming an abandoned property in state of South Carolina. The funds are, however, used for various public welfare programs as long as they remain with the state.

For more information regarding the Palmetto Payback Program and the comprehensive unclaimed property list, visit the official website of the Office of State Treasurer.

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