The Ultimate Guide To What Is Unclaimed Money In South Carolina [Pro Tips]

What is Unclaimed Money in South Carolina?

In accordance with South Carolina statute, 37-13-20 Unclaimed funds are defined by statute as "any money or other property that has been abandoned or unclaimed by its rightful owner for a period of at least one year." This covers and isn't limited to things like paychecks that have not been cashed or bank accounts that are not being used, utility deposits, as well as the items in safe deposit boxes.

The South Carolina Unclaimed Property Act defines the procedure for the way in which unclaimed funds have required to be disclosed and handed over to state officials. In the statute, companies must attempt to reach the person who owns the property prior to handing it over to the hands of the state. If the owner isn't found, or they are not able to declare the land within a specific time frame, the company must transfer the money that is not claimed in the hands of the government.

The South Carolina Treasurer's Office is charged with keeping safe the unclaimed funds that are handed into the state. They have a public database of unclaimed property and can be accessed by anyone who thinks they have money that is not due to them.

Escheatment is the method that allows unclaimed funds to be transferred into the hands of the government. In the state of South Carolina, the escheatment procedure is governed by statute 37-13-60. The statute specifies how companies must submit information and return non-claimed assets to the state, as well as the way in which the state is required to keep records of all money that is not claimed.

How to Find Unclaimed Money in South Carolina

Public members who are interested are able to locate  Unclaimed Money South Carolina by going to the official website of the South Carolina State Treasurer. The site includes a Searchable Database that allows users to enter your name or that of their business to determine if unclaimed money is due to them. In the event that there's a matching user, will be given instructions on how to claim the money.

Customers can also contact the Office of Unclaimed Property at (803) 773-4771 for information about any money unclaimed that could be owed to them. This office's hours of operation are from Monday to Friday from 9:00 am until 5:00 pm (EST).

Additionally, in addition, there is South Carolina State Treasurer's Office annually releases a report listing the names of all businesses and individuals who are owed property that is not claimed. The report is available on the internet and printed. Copies of the report can be obtained by calling the office or by stopping in personally at:

Wade Hampton Building,1200 Senate Street - Suite 214,

Columbia, SC 29201, United States

How Do I Find South Carolina Unclaimed Money for Free?

The South Carolina Unclaimed Money Database is available for use at no cost. Users are only required to supply the necessary information for their search and include their business name or last name, first name, and their city (where the property owner is/was a resident). Additionally, South Carolina state residents have access to unclaimed funds through government agencies and databases, including:

• HUD/FHA Mortgage Insurance Refunds
• Bankruptcy Courts (South Carolina)
• The National Association of Unclaimed Money Administrators

How to Claim Unclaimed Money in South Carolina

After finding an unclaimed property in the database of South Carolina Unclaimed property database, the requestor can make a claim through the office of the treasurer of the state. In order to do this, the claimant must provide their relationship to the property owner (that is the case if they aren't the sole owner of the property unclaimed). The applicant will also be required to furnish their personal information, such as SSN/Tax ID, as well as the address they are currently at. They will also have to submit supporting documents, including their photo ID or proof of address, as well as the proof of their SSN.

The documents supporting them can be uploaded using the safe link or be sent by post to:

• South Carolina State Treasurer
• Unclaimed Property Program
• 1200 Senate Street, Suite 214
• Wade Hampton Building
• Columbia, SC 29201

How Long Does It Take to Get Unclaimed Money in South Carolina?

The amount of time that it will take to get the unclaimed funds to be received in South Carolina depends on the nature of the property and the method by which it is claimed. Most often, those who claim get their property within 6-8 weeks of filing claims. But, some claims could take longer to be processed in the event that they are more complex. The type of property claimed can also impact the time it takes to receive a check.

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Who Can Claim Unclaimed Money From Deceased Relatives in South Carolina?

The following individuals can claim property unclaimed by the owner:

• The executor, heir, administrator, or other representative of the rightful owner or
• A person who has the authority of a court order or writ that authorizes the individual to claim the property for the legal owner.

In order to claim unclaimed property, the applicant must file an official claim form along with supporting documents in the South Carolina State Treasurer's Office. The documents required to be submitted based on the kind of property that is being claimed and may include an original copy of an official death certificate (since the claimant is claiming on behalf of an owner who died) or a copy of the court order allowing the claimant to take action for the rightful owner, and other similar documents.

After the claim form and the supporting documents have been received and verified, after receiving the claim form and supporting documentation, South Carolina State Treasurer's Office will examine the claims and, in the event that they are accepted and, if necessary, will issue a check for the amount of the property that is not claimed to the person who filed the claim. Claimants typically have approximately 4-6 weeks for processing.

What Happens to South Carolina Unclaimed Money if No One Claims It?

According to state law, any unclaimed funds have to be handed over to the South Carolina Treasurer's Office after the dormancy time has passed. The money is then put by the trust to the legitimate owner or the heir.

There is no time limit for claiming property that has not been claimed or cash, so even if it's several decades since the property was disposed of, claimants might still be able to pursue it.

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