Unclaimed money, property, funds and assets - Treasureville


Unclaimed property may include:

Saving and Checking accounts

Uncashed payroll or cashiers checks

Money orders and travelers checks

Certificates of Deposit

Customer deposits or overpayments

Paid-up life insurance policies

 

Health and accident insurance payments

Uncashed death benefit checks

Gift Certificates and Christmas club .accounts

Stocks and dividends

Utility Deposits

Oil and gas royalty payments

 

Assets can become unclaimed for many reasons including:

Opening a savings account as a child and forgetting about it

Leaving a job and never claiming your final paycheck

Not telling a company that owes you money that you have moved

Moving without getting back your utility deposit

Forgetting abouts stocks or dividends


Fact Sheet on Unclaimed Funds


Richard H. Moore
State Treasurer
North Carolina
Department of State Treasurer
325 North Salisbury Street
Raleigh, North Carolina 27603-1385
NC Cash Unclaimed Property Program
 
Overview
  • The North Carolina Department of State Treasurer holds more than $570 million in unclaimed property.
  • Approximately $2.5 million is typically distributed per month to the rightful owners.
  • With one million properties in the database and eight million North Carolinians, there is a one in eight chance that a North Carolina citizen has a claim.
  • Unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds, and contents of safe deposit boxes that typically have been abandoned for one to five years.
  • There are over 100 types of property, which may be claimed, and there is no time limit to reclaim property.
  • Funds become unclaimed because the holder loses track of the owner perhaps due to an incorrect address or misinformation in their claim such as reversing the numbers in their zip code.
  • According to the State Constitution, the interest earnings on the fund go to needy and worthy North Carolina public university and community college students.
How Unclaimed Property Is Advertised
  • The Department of the State Treasurer works in partnership with local media to gain earned media on the program.
  • The Department provides lists for publication to newspapers.
  • The Department provides lists of unclaimed property to legislators.
  • The Department occasionally undertakes a paid advertising campaign.
  • The State Treasurer returns unclaimed property checks with the local television media in tow.
  • The Department of the State Treasurer provides a staffed booth at conferences, fairs, and meetings.
  • The Department publishes a list of unclaimed property owners throughout the state and sends it to the Clerks of Court in North Carolina.
  • The State Treasurer often brings unclaimed property claim forms to civic groups he addresses.
  • The Department teams up with organizations like universities and companies to match staff lists to unclaimed property in the database.

How to Claim Unclaimed Property
  • You can print a claim from www.nccash.com or call (919) 508-1000 to request a claim form.
  • Sign the form, if the amount is greater than $50 have it notarized. Attach the requested proof of ownership and mail it to the Unclaimed Property address on the claim form.
  • It takes 6-8 weeks to process a claim.


............
Press Releases

CONTACT:
Press Office
(518) 474-4015

 FOR RELEASE:
Immediately

 

FACT SHEET ON UNCLAIMED FUNDS

Total Funds Unclaimed: $6.7 billion
Total Number of Accounts: More than 23 million account records
Cash Received (4/03-3/04): $559 million ¾ average of 20% funds are claimed by rightful owners annually
Funds Paid (4/03-3/04): Approximately $150 million paid (more than double previous year); more than 160,000 accounts processed
Source of Funds (4/03-3/04): Banks: 41%
Corporations: 12%
Brokers/Dealers: 10%
Insurance Co.: 8%
State Court Funds: 3%
Other: 26%

Largest Personal Account Paid: Estate paid $1.2 million to heirs in New York State in 2001
Largest Amount Still Unclaimed: $700,000, for one individual, from various accounts
Interest: Paid the first five years on interest-bearing accounts such as savings and CD accounts. Current interest rate is 2%
Claim Fee: No fee to reclaim funds. Private companies are allowed to charge claimants up to a 15% finder's fee.
Claim Requirements: Varies based on type of account. A signature, social security number, and proof of connection with both the account and the address of record are generally required.
Web Site: www.osc.state.ny.us
62% of all claims are from Web site; more than four million searches conducted annually.
Communication Center:

1-800-221-9311 or (518) 270-2200 (Outside of NY State)
Monday to Friday, 7 a.m. to 5 p.m.
100,000 calls handled by call agents annually

Albany Phone: (518) 474-4015  Fax:(518) 473-8940
NYC Phone: (212) 681-4825  Fax:(212) 681-4468
Internet: http://www.osc.state.ny.us/
E-Mail:mailto:E-Mail:press@osc.state.ny.us

 
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