12 May 2011 – Law News Worldwide – A check for $66,481.39 for unclaimed property was recently presented to a Midlands man in South Carolina. In one of the most talked about unclaimed money stories in the state of South Carolina, State Treasurer Curtis Loftis presented a check for $66,481.39 which had gone unclaimed. This South Carolina unclaimed money belonged to a Midlands man.
Giving emphasis to the presence of an informative unclaimed money website, Treasurer Curtis Loftis said, “This is a great example of how easy our treasurer.sc.gov website is to use to find unclaimed property for people across South Carolina,”. “In this case, we were able to track down an old life insurance policy worth $66,000 and that money was just returned to the rightful owner.”
The state treasury of South Carolina has not only been instrumental in reaching out directly to the owners of South Carolina unclaimed property, but they have also adopted some of the most visible media outlets and outreach programs to create an awareness regarding the large volume of South Carolina unclaimed property. Ranging from Newspaper lists to state sponsored fairs, every type of publicity tactics are utilized in the state of South Carolina. It is hardly surprising that the volume of unclaimed property and money is not increasing with more speed.
Demonstrating the value of a highly structured website, Midlands resident Jim Brantley credits using the State Treasurer’s website www.treasurer.sc.gov to find family and friends more than $70,000 recently.“I had no idea one my relatives was owed $66,000,” Brantley said. “When I went to dinner with this relative and was told the dollar amount, I couldn’t believe it. I’ve found lots of friends and family with money owed listed on the Treasurer’s website, it’s great to give the good news.”
According to official reports, the $66,000 unclaimed property payout is one of the largest individual amounts given to an individual in recent times.
A very similar unclaimed money story is related to the Palmetto Payback Program which currently holds more than 1.5 million accounts totaling nearly $300 million. For fiscal year 2010, the program paid 13,629 claims; returning more than $12.2 million dollars to the rightful owners. The most common unclaimed properties are dormant bank accounts, uncashed insurance policies, unclaimed utility deposits, uncashed checks and forgotten stocks/bonds.