Dale Folwell

N.C. State Treasurer Dale Folwell

Starting this month, a new Department of State Treasurer initiative will dramatically boost the Unclaimed Property Division’s (UPD) ability to speed up the return of millions of dollars in coming months through a free, streamlined process.

“One of the most rewarding parts of my job is returning money to North Carolinians, especially during these economically challenging times of job, food, health and education insecurity,” said State Treasurer Dale R. Folwell.

There is approximately $711 million dollars in the state’s unclaimed property fund — bank accounts, utility deposits, policy proceeds, stocks, bonds, and contents of safe deposit boxes — that typically have been abandoned for one to five years.

By law, these funds are escheated, or turned over, to the Department of State Treasurer for safekeeping until claimed by the appropriate business, nonprofit, individual or heir. Items under $50 may be reported and remitted in a lump amount listed as aggregate.

Folwell credited the North Carolina General Assembly for their help in passing House Bill 1023, which allows the UPD to waive paperwork requirements for claims valued at $250 or less.

With the new process in place, property owners do not need to take any action to receive their money — there are no claim forms to fill out, no searching for papers showing proof of ownership, and no signature pages to complete. Instead UPD will proactively research records and identify qualifying claims of $250 or less. Notification letters will be mailed to claimants, and a check will be issued in six to eight weeks. North Carolina is one of the few states in the country that offers this service.

Folwell said he expects to disburse 25,000 expedited claims worth $1.4 million in the next six months. The long-term goal is to pay out 50,000 claims worth of about $2.8 million every year thereafter.

By law, the State Treasurer’s office safeguards nearly $800 million in money, uncashed checks, forgotten bank accounts, utility deposits, stocks, bonds, other abandoned funds and personal property. Many of those are worth more than $250 and, thus, ineligible for the new, streamlined process.

“There are more items waiting to be claimed than there are residents of North Carolina, so the chances that there is unclaimed property with your name on it are very good,” Treasurer Folwell said. “You may be surprised to find you have money just waiting to be claimed.”

To search for unclaimed property, go to the NCCash.com website and search by name.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Comments that violate any of the rules above are subject to removal by staff.

Thank you for reading!

Please purchase a subscription to continue reading. Subscribe today and support local community journalism.

Digital Only Subscriptions

Get unlimited digital access and support award-winning local journalism, for just $5 a month. This includes access to the electronic replica edition of The Pilot.

Starting at
$5.35 for 30 days

Already a Print Subscriber? Get Digital Access Free.

As a print subscriber, you also have unlimited digital access. Connect your account now. Or, call customer service at 910-693-2487 for help.

Free access for current print subscribers

Home Delivery

Our best deal: Get all the news of Moore County delivered to your home each Wednesday and Sunday — and receive unlimited digital access to thepilot.com.

Starting at
$27.82 for 90 days