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June Is Time to Report Unclaimed Funds

The South Carolina Uniform Unclaimed Property Act requires all entities holding unclaimed funds, including local governments, to review records each year and attempt to return those funds.

In some cases, the entities cannot locate the owner. In those cases, they must send the funds to the State Treasurer's Office. The office, which uses this website, has reported that it has returned more than $329 million to owners.

Municipalities might hold unclaimed funds in several forms:

  • Accounts payable – Unpaid credit balances, which can include uncashed payroll checks.
  • Courts and jails – Overpaid bail bonds or leftover inmate account funds.
  • Parks and recreation – Deposits for facility rentals.
  • Water/sewer funds – Deposits left when customers end service.

The State Treasurer's Office provides a reporting and remittance timeline:

  1. By June 30 – Cities must review records for any unclaimed property.
  2. July to October – Attempt to locate the property owner by sending the owner a notification form letter to the last address on file. In the absence of a valid address, entities are not required to send a letter.
  3. By November 1 – Send electronic unclaimed property report and remittances to the State Treasurer.

The State Treasurer's website provides a form owner notification letter as well as information on how to create reports in acceptable formats and remit funds. The site also allows users to search for unclaimed property they may be owed by entering their name and city of residence.