Report Unclaimed Property
REPORTS ARE DUE BY NOVEMBER 1st.
FILING THE REPORT
All reports must be submitted by one of three ways as outlined below in section "CREATING THE REPORT".
1. Through UPExchange
2. Through UPExpress
3. By email in a NAUPA formatted file.
Paper reports will not be accepted.
South Carolina does not require zero property reports.
South Carolina will not accept safe deposit box contents this report year.
Property that has been unclaimed for the dormancy period specific to that property type as of June 30 is reportable by November 1.
Due Diligence Requirements
No more than one hundred twenty days before the holder files its report, the holder must send a written notice to the apparent owner stating that 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.
Property type codes, owner type codes and relationship codes are required.
Property Reportable To 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 unclaimed property reportable to other states in your South Carolina report, you must comply with unclaimed property laws of the states of last known address in reporting those items.
CREATING THE REPORT
1. USE UPEXCHANGE, THE FREE EASY TO USE HOLDER REPORTING SOFTWARE exclusively endorsed by NAUPA. With free training and support, UPExchange makes unclaimed property reporting easier and more efficient. UPExchange produces an encrypted NAUPA formatted file that is accepted by all states. Click logo to access UPExchange.
a.Once you have completed the free UPExchange registration, you will have access to an instructional video, a user’s guide and other helpful resources.
b. For more detailed instruction, you can register for a free live webinar OR view a past webinar at your convenience. For a schedule of webinars, or to view a previously recorded webinar, click here.
2. If you have created your report not using UPExchange software, but used another NAUPA-formatted software, you can submit your report using UPExpress. Although not required, payment can also be remitted through UPExpress. Click logo to access UPExpress.
3. You can create your own NAUPA-formatted file using the specifications provided on the NAUPA website at unclaimed.org. The file MUST be encrypted or password protected.(Excel and PDF files do not meet this requirement.)
SUBMITTING THE REPORT AND REMITTING THE PROPERTY
All reports and remittances are due before November 1.
To ensure that the report and remittance can be matched, it is IMPERATIVE the procedures are followed EXACTLY as outlined below.
1. Follow UPExhange or UPExpress (whichever method you choose to use) instructions to submit your report.
2. If you create your own NAUPA-formatted file, email the encrypted or password protected NAUPA formatted electronic file, SC Cover Sheet and, Remittance Information Form to firstname.lastname@example.org. For password protected files, send the password in a separate email to email@example.com. Or, you may use UPExpress to report.
a. Files received that are not in the NAUPA electronic format will be returned. Excel and pdf files are not NAUPA formatted electronic files and therefore will not be accepted.
b. We will accept either the cover sheet provided by the software or the SC Cover Sheet. The FEIN Number, company name, address and holder contact information must be included on the cover sheet.
c. Remit the funds for emailed reports by one of the following methods:
Eligible securities should be delivered to the Unclaimed Property Program’s brokerage account. Click Here for delivery instructions. All other securities should be registered in the name of theSouth Carolina State Treasurer, Unclaimed Property Program and sent with the report.
If you have questions or need assistance filing an unclaimed property report, please call us at (803) 737-4771 or Click here to send an email to the Palmetto Payback Staff.
Click here for address information.