If you have ever lost track of a bank account, stock, or other property, you might be surprised to learn that your assets could be classified as unclaimed property. Unclaimed property refers to assets that have been abandoned or forgotten by their owners and turned over to the state. In this article, we will explore what unclaimed property is, how it becomes unclaimed, and how to reclaim your lost assets in South Carolina.
What is Unclaimed Property?
Unclaimed property is any financial asset that has been abandoned or forgotten by its owner for a certain period of time. Examples of unclaimed property include bank accounts, stocks, bonds, dividends, insurance payouts, and more. In South Carolina, the unclaimed property includes tangible items such as jewellery and safe deposit box contents.
How Property Becomes Unclaimed
There are several reasons why property becomes unclaimed. Some common reasons include a change of address without updating the associated accounts, forgetting about an account, or the death of the account owner without a will or beneficiaries. In South Carolina, the property becomes unclaimed after a certain period of inactivity, which varies by property type. For example, bank accounts become unclaimed after one year of inactivity, while stocks become unclaimed after three years. Holders of unclaimed property are required by law to report and turn over the property to the state after a certain period of time.
Finding Unclaimed Property in South Carolina
If you think you might have unclaimed property in South Carolina, the first step is to search for it. The South Carolina Unclaimed Property Program website is the best place to start. Simply enter your name and any relevant information, and the database will search for any unclaimed property in your name. You can also search for an unclaimed property through other methods such as contacting financial institutions, insurance companies, or other entities where you might have had property.
Also Read- What is Unclaimed Property and Why You Should Check if You Have Any in West Virginia
Reclaiming Unclaimed Property
If you find unclaimed property in your name, the next step is to reclaim it. To claim your unclaimed property in South Carolina, you will need to provide proof of your identity and ownership of the property. This can include a government-issued ID, social security number, and any relevant documentation such as account statements or receipts. The process of claiming your property can take few weeks or even months, depending on the complexity of your case.
South Carolina Unclaimed Property Law
The South Carolina Unclaimed Property Act requires all holders of unclaimed property to report and turn over the property to the state after a certain period of time. This law is designed to protect consumers and ensure that unclaimed property is returned to its rightful owner. Under this law, holders of unclaimed property are required to make a good-faith effort to locate the rightful owner before turning over the property to the state.
South Carolina Unclaimed Property Dormancy Period
The dormancy period is the amount of time that must pass before an asset is considered unclaimed. In South Carolina, the dormancy periods for different types of property vary. Bank accounts become unclaimed after one year of inactivity, while stocks become unclaimed after three years of inactivity. Other types of property, such as life insurance policies, have a long dormancy period.
South Carolina Official Unclaimed Property Site
The South Carolina Unclaimed Property Program website is the official website for searching and claiming unclaimed property in South Carolina. According to the South Carolina State Treasurer’s Office, the website has helped return over $90 million in unclaimed property to its rightful owners since its inception in 2009. The website is user-friendly and allows you to search for unclaimed property by name or property type. If you find unclaimed property in your name, you can file a claim online through the website.
South Carolina Unclaimed Property Phone Number
If you prefer to speak with someone directly, you can also call the South Carolina Unclaimed Property Program at 1-803-737-4771. According to the South Carolina State Treasurer’s Office, the program has an average hold time of fewer than three minutes and has returned over $13 million to South Carolina residents over the phone.
How Do I Find Unclaimed Money in South Carolina?
To find unclaimed money in South Carolina, the first step is to visit the official South Carolina Unclaimed Property Program website or call the phone number provided above. You will need to enter your name and any relevant information such as your social security number or previous address. If the search returns any results, you can file a claim online or by mail with the required documentation
Conclusion
In conclusion, unclaimed property is a common occurrence that affects many people in South Carolina. The good news is that it is relatively easy to search for and reclaim your lost assets. By checking for unclaimed property regularly and keeping your accounts up-to-date, you can avoid losing track of your assets in the future. We hope this article has been helpful in understanding what unclaimed property is, how it becomes unclaimed, and how to reclaim it in South Carolina.
Sources
- The South Carolina State Treasurer’s Office: https://treasurer.sc.gov/
- The South Carolina Unclaimed Property Program website: https://www.treasurer.sc.gov/unclaimed-property/
- The South Carolina Unclaimed Property Act: https://www.scstatehouse.gov/code/t27c039.php
- National Association of Unclaimed Property Administrators (NAUPA): https://www.unclaimed.org/
- Securities and Exchange Commission (SEC) Investor.gov: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-35
6 thoughts on “South Carolina Unclaimed Property: What It Is and How to Reclaim Your Lost Assets”