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Oct
09
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Palmetto Payback Program in state of South Carolina aims at paying back the unclaimed property worth millions to its rightful owners. State treasurer Chellis made history when he returned a check for her unclaimed proceeds to 100 years old lady. South Carolina’s unclaimed property act came into power in 1970. However, there are some accounts which even date back to 1940’s.
Millions are collected by the state government of South Carolina each year from the unclaimed property. Holding institutions – banks, insurance companies and other companies report unclaimed property of the owners. Eventually these get transferred to the state’s account till they are claimed for. Until the funds re claimed the proceeds are used for the common welfare of the citizens.
Generally, accounts abandoned for more than 5 years are eligible becoming unclaimed. A comprehensive list on the dormancy or abandonment period is available on the state’s website. Holder’s can file for the unclaimed accounts by downloading the form to report unclaimed property and provide necessary documents pertaining to the account.
Processing of claims in South Carolina takes 6-12 weeks from the receipt of the dully filed claim form and supporting documents. In certain cases claim can even be processed within few weeks. However, in absence of any required supporting document to confirm the identity of the claimant, the process can be delayed. Therefore, it is advised to thoroughly checklist the documents required. In case the claimant does not possess any document they should consult the state officials if some other document could be supplied in lieu of the desired document.
As a tip for claimants, it is recommended not to pay heir locator or agency which might file claim on your behalf or promise to help you in recovery. State government of South Carolina will help in recovery of your funds for free!