Could South Carolina be holding onto cash that belongs to you?
The state treasurer’s office is currently sitting on nearly $1 billion in unclaimed money, waiting for residents to claim it.
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This forgotten money comes from old insurance policies, uncashed checks, utility deposits, and even undelivered refunds. Some of it might have your name on it!
But are South Carolina officials doing everything they can to help residents claim their money? Some say no.
What’s the Hold-Up?
Over the past 14 years, $370 million has been returned to South Carolinians through the unclaimed property program led by Treasurer Curtis Loftis.
While that sounds impressive, there are still some shortcomings. Unlike a few other states that automatically return money to residents, South Carolina requires individuals to go and look for their unclaimed funds.
To make matters more complicated, the state’s system doesn’t display unclaimed assets worth less than $50 on the Treasurer’s website.
That means if you’ve got several smaller amounts waiting for you, you won’t see them unless you contact the office directly. You could be missing out on money without even knowing it!
What’s the Deal with the $50 Limit?
According to South Carolina’s Unclaimed Property Law, the Treasurer’s Office only reports property worth $50 or more.
If you’re owed smaller amounts, you won’t see it on the website, but if you call the Treasurer’s Office or initiate a claim, their system will check for all unclaimed assets, including those under $50. But here’s the catch—you need to know to ask in the first place.
Unfortunately, the state didn’t share how much money is locked away in these smaller amounts.
Based on what’s happening in other states, though, it could add up to millions.
Is South Carolina Keeping Your Cash?
Why aren’t smaller amounts automatically returned to residents? Well, the Treasurer’s Office says it’s all about making sure the money goes to the rightful owner.
They review every claim carefully, which slows things down compared to states that automatically send out unclaimed property.
Other states like North Carolina, Illinois, and Wisconsin have implemented systems that automatically return smaller amounts of unclaimed property, up to $5,000.
These programs have returned millions to residents, and some officials say it’s time for South Carolina to follow suit.
North Carolina’s NCCashMatch program, for example, has already returned about $100 million without waiting for residents to search on their own.
According to North Carolina Treasurer Dale Folwell, the system started small and ramped up over time. It’s been a hit, and residents have been thrilled to get surprise checks in the mail.
Is Change Coming?
While it may sound simple, setting up an automatic return system isn’t easy. It requires years of planning and changes to state laws to allow data sharing between government agencies.
For states like Illinois, it meant passing new legislation in 2017 and 2022 to use information from tax records, voter rolls, and even driver’s licenses to match unclaimed property to the right person.
In Illinois, the system has worked wonders. Last year, $300 million was returned to residents through their automatic program, the ICash Program, and residents are notified by mail when they have unclaimed property.
Illinois’ Chief of Staff Allen Mayer emphasizes that this isn’t a political issue—it’s simply the right thing to do. States that make it easier for residents to claim their money are doing a huge public service.
Ready to Claim Your Cash?
If you’re curious whether you have unclaimed money in South Carolina, you can check out the state’s search tool here: South Carolina Unclaimed Property Search.
If you think you might have assets under $50, you’ll need to call the Treasurer’s Office directly at 803-734-2101 to find out more.
Don’t let your money sit unclaimed—check today and see if South Carolina has funds waiting for you!
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