Palmetto Payback FAQ's - wistv.com - Columbia, South Carolina

Palmetto Payback FAQ's

COLUMBIA, SC (WIS) - Below are some common questions and answers regarding the Palmetto Payback program for the State Treasurer's office:

Who runs the program?

  • The State Treasurer's Office (as in most of the 50 states)

How do I check from home if I am on the list?

What is unclaimed property?

  • Generally any financial asset, usually money that has not been claimed by its owner or has not had any owner-generated activity for a period of time...usually 5 years.

Examples include:

  • savings accounts
  • checking accounts
  • stocks and bonds
  • insurance proceeds
  • uncashed payroll checks
  • old utility deposits
  • customers overpayments

How does property become unclaimed?

  • State law say that property becomes "unclaimed" when the owner does not respond to attempts by the holder of the property (a bank, an insurance company, or utility company) to contact the owner of the account after the account has been inactive for a period of time... usually five years. If the owner does not respond or cannot be contacted, the property is then sent to the State to hold on behalf of the rightful owner until the owner can be found.

How long does the State hold money?

  • As long as you can show proof that the property belongs to you, you can always claim your property. There is no time limit.

What if the original owner is deceased?

  • The Personal Representative for the estate can make a claim on the property by providing a copy of the death certificate, a current dated Certificate of Appointment from the Probate Court, as well as proof of ownership of the property.

Is there any charge or fee for this program?

  • No. There is no fee for this service whether or not property is found under your name. There are companies which charge a fee for this service.

How much money is the State holding?

  • About $200 million dollars.

How many people are on the unclaimed property list?

  • About 1 million people.

What is the dollar range?

  • People currently on the list are owed between 1 cent and $98,000.

What is the highest amount ever found?

  • The Treasurer's Office located a person how was owed $400,000.

How much money was returned to its rightful owners in 2006 by the Treasurer's Office?

  • $7,608,000 was returned.

Posted by Bryce Mursch

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