For the fourth year in a row, the Unclaimed Property Division (UPD) of the Department of State Treasurer (DST) has set a record for returning unclaimed money, putting over $115 million back into the pockets of the rightful owners, State Treasurer Dale R. Folwell announced.
“Go to NCCash.com and search your name for free. Look for your parents’ names, your children’s names, your maiden name. It’s possible your church, business, Little League, civic group or other organizations to which you belong have money waiting to be returned,” Treasurer Folwell said.
Under state law, NCCash.com is currently safeguarding nearly $1.3 billion in funds that are escheated, or turned over, to DST. The money is awaiting return to the rightful owners after being lost, misdirected or overlooked.
The unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds and contents of safe deposit boxes that have been abandoned.
Unclaimed property can result from a person or entity forgetting they are due money, or from a move of location and forgetting to provide a new address. It also could result from a typing error in a house number or zip code in an address, a name change, or data loss from a business converting its computer system. As society becomes more mobile and steadily moves to electronic transactions, the risk of having unclaimed property has increased.
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