North Carolina’s Unclaimed Property Division (UPD) has sent out more than $1 million to some 15,000 recipients through a new initiative called NCCash Match. The program is designed to eliminate paperwork and speed up the process to return unclaimed money in the Department of State Treasurer’s Office possession to its rightful owners.
The unclaimed money that UPD safeguards comes from uncashed checks, forgotten bank accounts, utility deposits, insurance proceeds, stocks, bonds, other abandoned funds and personal property.
“We are the state-mandated custodian of more than $900 million in unclaimed property and are always looking for ways to put that money back in the hands of the people to whom it belongs,” said state Treasurer Dale Folwell. “NCCash Match is one of the ways to achieve that goal, and the results prove the expedited process is working as planned.”
In 2020, the N.C. General Assembly passed House Bill 1023 that allowed UPD to initiate the pilot program and waive paperwork requirements for tens of thousands of claims valued at $250 or less. However, that legislation expires on March 15 of this year. Recognizing the success of the program, a bill has been filed in the Senate to indefinitely extend the program. The bill’s primary sponsors are Sen. Don Davis, Sen. Todd Johnson and Sen. Jim Burgin.
“Thanks to this cooperative effort with the legislature, 77 residents in Moore County have received $4,649 through NCCash Match, with more to come,” Folwell said.
The program launched in October, and UPD expects to pay 25,000 expedited claims worth $1.4 million in its six-month inaugural run. The long-term goal is to pay at least 100,000 in claims every year thereafter.
Under NCCash Match, property owners do not need to take any action to receive their money — no claim forms to fill out, no searching for papers showing proof of ownership and no signature pages to complete.
UPD proactively researches its records to identify qualifying claims of $250 or less. Notification letters are mailed to claimants with a goal of issuing a check in six to eight weeks. North Carolina is one of the few states in the country that offers this service.
Many items that are worth more than $250 and don’t qualify for NCCash Match. Folwell encourages citizens to visit the NCCash.com website to conduct a search.