Finders Keepers? Not Yet! South Carolina’s Unclaimed Money Hits $1 Billion

Did you know that the South Carolina Treasurer’s Office returned $38 million to people who had no idea they were owed money last year?

This is all part of the state’s Unclaimed Property Program, where businesses cannot locate the people they owe money to send those funds to the state instead.

In the past year alone, the Treasurer’s Office made about 73,000 payments to individuals, businesses, and other organizations, according to Karen Ingram, the communications director for the South Carolina Treasurer’s Office.

Despite these payouts, the amount of money in the Unclaimed Property Program continues to grow.

Last year, it stood at $850 million, and now it’s approaching a staggering $1 billion.

While specific details about who received these funds are confidential, over the years, some recipients have shared their unexpected windfalls.

For instance, in 2022, the City of Columbia received a check for $28,099, Richland School District 2 was handed $46,726, and Friends of the Pickens County Library received $30,249. Even businesses like Merritt Custom Homes benefited, receiving $26,357.

The largest known payout was in 2020 when the Edgar T. Cato Foundation received $462,000.

This money originated from proceeds of stocks purchased by Edgar T. Cato, who was associated with the Cato Fashions clothing store chain. Cato passed away in 2011 at the age of 86, but his investment lived on.

The Unclaimed Property Program was established by law in 1971, but the funds it manages can date back as far as the 1940s.

Checking to see if you have any unclaimed money is simple—just enter your name into a search field on the South Carolina Treasurer’s Office website.

The amounts can vary widely. Some people might find they’re owed just a few dollars, while others could be in for a significant surprise.

Ingram mentioned that while most sums are modest, a few lucky individuals have discovered they were owed up to a million dollars.

However, none of these individuals wanted to be named.

South Carolina law requires the Treasurer’s Office to issue checks within 90 days, although some cases are more straightforward and can result in funds being released within just a few days.

The funds themselves are invested along with other state funds, but recipients receive the original amount that was turned over to the state.

So, why not take a moment to see if any of this unclaimed money is yours?

A simple search could lead to an unexpected windfall. Visit the South Carolina Treasurer’s Office website today and find out if you have unclaimed funds waiting for you.

Previous article: San Diego County Taxpayers: Over $800K in Unclaimed Funds Waiting—Are You on the List?