Millions of unclaimed dollars, in the form of cash and property, go unclaimed each year, says North Carolina Treasurer Dale Folwell. Is the State of North Carolina Treasury Department’s NC Cash program holding money for you?
Let’s put a finer point on that number. By millions of unclaimed dollars, think $919 million. In fact, their office is holding over $1.5 million and 35,862 assets owed to Bertie County residents and business owners, according to Folwell’s office.
So how does the state end up with your money? That might be the next question to come to mind.
If you are a person, business, or non-profit who did any of the following things, you might have funds:
- Carried auto, rental, or homeowner’s insurance
- Rented a home or office
- Turned on a utility service
- Paid a medical bill
- Got divorced
- Received any settlement monies
- Changed jobs
- Moved to a new address
- Held money in a 401k or a savings account.
When businesses owe you a refund or a payment but cannot locate you, their debt to you does not disappear. Instead, they send it to the North Carolina Department of Treasury to balance out their books.
So for example, let’s say you rented an apartment. You moved to a new home, and your ex-landlord pro-rated your security deposit for your final month. Later, a bookkeeper discovers that they gave you insufficient credit, but they do not know where to find you. In order to keep their books “clean,” they send that money to the Unclaimed Property Division of the North Carolina Treasury. The monies sit there until you claim them.
The trouble is, not enough people know that they should check for these funds regularly. Besides cash, the treasurer’s office also holds unclaimed tangible property, like the contents of forgotten or abandoned safe deposit boxes.
2021 Outpacing 2020 in NC Cash Fund Disbursements
According to a July press release by North Carolina Treasurer Dale Folwell, 2021 payouts to NC residents who have unclaimed cash outpace 2020.
2020 saw payouts on 56,787 claims for $39,900,902. By contrast, 2021 saw 125,134 for $70,447,815. Folwell also plans to continue to educate NC residents about the program into 2022, so he expects record payouts to continue.
Says Folwell about the program:
Do You Have Money in the NC Cash Fund?
Folwell encourages every North Carolinian to search the cash fund for money that the state might have in its care.
How to Search for NC Cash Claims
Claiming your cash is a relatively straightforward process. It starts with an online visit to nccash.com. Then you click “search now,” enter your information and submit a claim form for any monies for which you are eligible. The treasurer’s office processes the claims, usually with no further action on your part. However, in the case of a question (like a name change due to marriage or divorce), they will email you to verify your identity.
Editorial note. My spouse and I had five claims for just over $200 total between the two of us. Once we completed the form, we received long-forgotten funds in the mailbox within a few short weeks. An additional claim required name change verification and took slightly longer.
The NC Treasury Unclaimed Property Division is not new. Indeed, it’s been around for years. However, treasurers have not often shared the proper messaging about the program in the past. Folwell is stepping up the effort to return the monies and property in the NC Cash program back to where they belong–in the hands of the citizens who are the rightful owners.