Last Updated on August 2, 2021 5:51 pm
120% More Claims Paid in Fiscal Year 2021
Jul 28, 2021
(Raleigh, N.C.) – The Unclaimed Property Division (UPD) of the Department of State Treasurer (DST) announced this week that it had exceeded 125,000 claims paid amounting to almost $70.5 million during the 2021 fiscal year. UPD is part of DST led by State Treasurer Dale R. Folwell, CPA. Both the number of claims paid, and the total amount claimed, represent a historical record for UPD
In 2020, the division paid out 56,787 claims valued at $39,900,902. In contrast, 2021 claims paid were 125,134 for $70,447,815. That represents a 120% increase in the number of claims paid and a 77% increase in the dollar amount
“It’s amazing what NCCash has accomplished over the past year,” Treasurer Folwell said. “It is a testament to the great leadership of Brenda Williams and the hard-working employees in the Unclaimed Property Division. Let’s remember that this incredible performance was done during a difficult time dealing with the challenges surrounding the pandemic.”
The record number includes claims paid by UPD’s highly successful NCCash Match program, which paid out 39,255 claims totaling more than $2.7 million from its start as a trial in October 2020 to the end of the fiscal year. At first, the program proactively researched records and identified qualifying claims of $250 or less. But because of the success of the program, the General Assembly and Gov. Roy Cooper made the program permanent in March 2021, passing additional legislation allowing UPD to identify and pay claims up to $5,000.
“We’re in the check delivery business, so the more money we can get into the hands of North Carolinians the better,” said Treasurer Folwell. “In fact, we expect to exceed this year’s success in 2022.”
UPD receives and safeguards funds that are escheated, or turned over, to DST according to state law. The unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, and bonds that are uncollected or undeliverable, and contents of safe deposit boxes that have been abandoned
“There are millions of items in DST’s custody that don’t qualify for NCCash Match,” Treasurer Folwell said. “So I encourage you to go to the NCCash.com website and do a search for your name, your spouse’s maiden name, your friends’ and relatives’ names, business, church and nonprofit to see if there is a windfall waiting to be collected. There is no fee for the search.”
More information, including how to find out if you are owed money, can be found at https://www.nccash.com
