South Carolina residents may get unexpected money in the mail as the state launches a new effort to return unclaimed property.
COLUMBIA, S.C. — South Carolina residents may start getting surprise checks from the South Carolina Treasurer’s Office this week.
The state agency announced recently that Treasurer Curtis Loftis was starting a new initiative to return unclaimed funds and property to their owners. It’s being called “Palmetto Payback.”
Residents with certain unclaimed property tied to the new plan should receive a letter from the treasurer’s office about the funds. As long as all the information in the letter is still correct, they shouldn’t need to do anything else to receive the money.
The treasurer’s office has held multiple awareness campaigns in the past to help the public determine whether they’re owed some of these unclaimed funds. But the latest push will take the process one step further—they’re sending the checks out themselves.
In an announcement on May 5, the Treasurer’s Office said the first wave of checks totaling more than $600,000 would arrive that week. But Loftis said this wouldn’t be the last.
Officials said an average of one in seven South Carolina residents has unclaimed property, and the average worth of that property is more than $500. This property can include dormant bank accounts, stock certificates, insurance proceeds, utility deposits and uncashed checks, which could include paychecks.
Still, the treasury office suggests residents—even those who receive a check—look online to see if they’re owed money since not all property can be returned through this direct mail program and may require a claim to be filed. The treasurer’s office website keeps an updated database that residents can check.
