State Treasurer Dale R. Folwell, CPA, said that the unearned Property Division (UPD) of the Department of State Treasurer (DST) has broken the record for returning unearned money for the fourth year in a row, giving over $115 million back to the people who should have had it.
“At the Department of State Treasurer (DST), we’ve created a culture that encourages accountability, makes the most of talent, improves operations through innovation and simplification, and gives people peace of mind.” One great example of that success is how well our Unclaimed Property Division has done over and over again, setting new records.
UPD Deputy Treasurer Allen Martin said, “Our hardworking team of professionals made it possible for us to have another record year in terms of receipts and claims paid.” “They work very hard to help holders follow the rules and report lost property, and they really want to get owners back with their stuff.”
I’m thankful to be a part of such a great team, and I want to thank them for all their hard work and dedication to making North Carolina a better place to live.
For many reasons, money that can’t be delivered is kept safe at (DST) until its true owners claim it. At the moment, 22.3 million homes worth $1.3 billion are ready to be claimed.
The cash-back program, which is usually called NCCash.com, has become one of Treasurer Folwell’s most well-known and well-liked projects, as shown by the rising numbers.
He took office in 2017 and since then, UPD has paid back $610.5 million on 885,691 claims. During the eight years that his predecessor was in office, those numbers were $393.3 million on 333,294 cases.
It was the last day of the fiscal year 2023–24 on June 30, and UPD paid 145,032 claims for a total of $115,063,782. The previous high payment was $108,586,650, which was set in the fiscal year 2022–23.
The record number of claims paid was 193,319 in 2022–23, but about 48,000 fewer claims were paid last year. This means that, on average, people who got paid got more.
Another high point was the amount of money that came in through the NCCash program: $330,957,377, up from $300,095,512 the previous year.
The treasurer, Folwell, said, “We can’t give this money away fast enough.” Folwell is famous for constantly traveling across the state to hand out checks to claimants and for often being on TV, radio, and in newspapers to push the program.
“Look up your name for free at NCCash.com.” Find the names of your parents, your children, and your birth name. Treasurer Folwell said, “It’s possible that your church, business, Little League, civic group, or other groups you belong to have money that needs to be returned.”
State law says that NCCash.com has to protect nearly $1.3 billion in funds that are escheated, or given to DST. The money has been lost, misdirected, or forgotten, and is now ready to be given back to its rightful owners.
Bank accounts, wages, utility deposits, insurance policy profits, stocks, bonds, and the contents of safe deposit boxes that have been left behind are all examples of unclaimed property.
People or businesses can leave behind unclaimed property when they forget they owe money or when they move and forget to give their new address.
It could also happen if you typed in the wrong house number or zip code, if you changed your name, or if a business lost data when it switched computer systems.The chance of losing property has gone up as people move around more and more and use computers for deals.