Holders Frequently Asked Questions
What is unclaimed property?
Unclaimed property includes, but is not limited to, bank accounts, wages or commissions, money orders, insurance proceeds, underlying shares, dividends, customer deposits, credit balances, layaways, and credit memos which have remained unclaimed by the rightful owner for a specified period of time. Click here to see the Dormancy Table
(45k .pdf) for the dormancy period for specific property types.
What is a “holder” under the South Carolina Unclaimed Property Act?
A holder is a business organization, whether for profit or not for profit, including proprietorships, partnerships, corporations, estates, trusts, charitable organizations; fraternal or cooperative associations; and other legal or government entities which is in possession of property belonging to another.
What is a holder’s obligation under the South Carolina Uniform Unclaimed Property Act?
The Act requires all holders examine their records each year to determine whether they are in possession of any unclaimed property and if so, attempt to locate the rightful owners of accounts of $50 or more. If the holder is unsuccessful in locating the owners, the holder is required to remit the property to the State Treasurer’s Office along with a report including the names and last-known addresses of the owners.
Are all amounts reportable?
Yes, all amounts are reportable. However, holders may report property valued at less than $50 in the aggregate.
What are the due diligence requirements?
No more than one hundred twenty days before the holder files their report, the holder must send a written notice to the apparent owner that states the holder is in possession of property which has been deemed abandoned and will be remitted to the state as unclaimed if the apparent owner does not reply. Due diligence notices need only be sent for accounts of $50 or more and do not need to be sent to those owners for whom the address on the holder’s records has been proven to be incorrect. Link to sample Due Diligence Letter (16KB .pdf)
When are the report and remittance due?
The report, with remittance, must be filed before November 1 of each year as of the preceding June 30. Reporting extensions are granted on a case by case basis for good cause. Extension requests must be made in writing and received before November 1.
By what methods can the report be filed?
To protect the personal information of the owners for whom property is being reported, paper reports will not be accepted. All reports must be submitted on CD, flash drive or via e-mail in the NAUPA format (Excel files do not meet this requirement) and must be encrypted or password protected. Click here for information on the options available to assist you in creating a NAUPA formatted file
If the holder is located in South Carolina, will the State accept property belonging to owners with last known address in another state?
South Carolina will accept incidental property (ten or fewer properties, totaling $1,000 or less) reportable to another state only if allowed by the other state. Please refer to the NAUPA Reciprocity Matrix for state specific information.
IMPORTANT – If you include property reportable to other states in your South Carolina report, you must follow the laws of the state(s) to which each item is reportable.
Can a holder not located in South Carolina include property reportable to South Carolina in a report to another state?
South Carolina will allow incidental property (Ten or fewer accounts totaling $1000 or less) reportable to this state to be included with the report to another state only if allowed by the other state. Please refer to the NAUPA Reciprocity Matrix for state specific information.
IMPORTANT –Property with a last known address in South Carolina must conform to the South Carolina reporting requirements even if it is being included in a report filed with another state.
Does South Carolina require a report if there is no property due?
South Carolina does not require negative reports.
We discovered "past due" property and would like to report it without penalty. Does your office accept voluntary disclosure agreements?
In most cases we are able to arrange a voluntary disclosure agreement with holders who come forward voluntarily.
What can a holder do if an owner requests payment of funds which has already been reported to the Palmetto Payback Program as unclaimed?
The holder may either refer the owner to the Palmetto Payback Program office to obtain a claim form, may send a request in writing authorizing us to pay the owner directly, or may make payment to the owner and then seek reimbursement from the Palmetto Payback Program using the Holder’s Claim for Reimbursement. It is suggested the holder contact the office before paying the owner to verify the owner has not already claimed the funds. Please allow 8 to 12 weeks after the report has been sent to request reimbursement.
How should securities be remitted to South Carolina?
Securities should be registered in the name of the South Carolina State Treasurer, Palmetto Payback Program and sent with the report. HOWEVER, WE STRONGLY RECOMMEND SECURITIES BE DELIVERED DIRECTLY TO THE PROGRAM’S BROKERAGE ACCOUNT. Wells Fargo Advisors/First Clearing DTC # 0141 Account name: South Carolina State Treasurer UPP Account # 7934-0516.
What is the FEIN number for the S. C. State Treasurer Palmetto Payback/ Unclaimed Property Program?
Please use 57-0882454
What attempts are made by the State Treasurer’s Office to find the rightful owners?
The State Treasurer’s Palmetto Payback staff is continually looking for property owners through in-house staff along with an aggressive statewide outreach campaign which includes various forms of traditional and new media. The Palmetto Payback Unclaimed Property database on the State Treasurer’s website is updated weekly so potential claimants can have up to date online access to the unclaimed property listing.