South Carolina State Treasurer Launches “Palmetto Payback” to Distribute Over $600K in Unclaimed Funds

More than 3,800 South Carolina residents may receive unexpected checks this month as part of a new effort by the State Treasurer’s Office to return unclaimed property.

The initiative, called “Palmetto Payback,” automates the claims process by matching qualified unclaimed assets to rightful owners and mailing checks without requiring individuals to file a claim.
 

First Wave of Disbursements Underway

According to Treasurer Curtis Loftis, the first distribution phase—totaling over $600,000—will begin reaching mailboxes within days.

The program is designed to increase efficiency and public access to unclaimed funds by eliminating the traditional manual claims process for eligible residents.
 

Scope of Unclaimed Property in South Carolina

The State Treasurer’s Office, responsible for safeguarding unclaimed funds until claimed by rightful owners, currently holds over $950 million in unclaimed assets.

It estimates that 1 in 7 South Carolinians may have money waiting to be reclaimed, with the average value around $500.

Common sources of unclaimed property include:

• Dormant bank accounts

• Uncashed checks and wages

• Unclaimed insurance payouts

• Forgotten utility deposits

• Stock dividends and certificates

It’s getting more expensive to live—but you may qualify for financial relief!

Not All Claims Are Automatic

While “Palmetto Payback” will streamline payments for thousands, not all unclaimed property qualifies for automatic disbursement.

Residents who do not receive a check are strongly encouraged to visit the official State Treasurer’s unclaimed property website to manually search for and claim any assets tied to their name.

This proactive approach highlights the state’s commitment to public service and financial transparency, aiming to reconnect citizens with their rightful property.

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