COLUMBIA, S.C. — South Carolina State Treasurer Curtis Loftis has announced the launch of the “Palmetto Payback” initiative, aiming to return over $600,000 in unclaimed funds to residents across the state. The program identifies unclaimed property and automatically issues checks to rightful owners without requiring them to file claims.
The first wave of payments, averaging around $500 per recipient, is being distributed this week. These funds originate from various sources, including dormant bank accounts, uncashed checks, insurance proceeds, and utility deposits that businesses have been unable to return to their owners. It’s estimated that one in seven South Carolinians has unclaimed property, with the average value exceeding $500.
“We want to make it easier for South Carolinians to get their forgotten funds back, putting money directly into their hands,” Treasurer Loftis stated. “This is about efficiency, accuracy, and ultimately, about serving the people of our state.”
Residents who receive a notification letter from the Treasurer’s Office are not required to take any action unless their personal information has changed. Checks are expected to be mailed within four to six weeks after the notification. For those who do not receive a letter but wish to check for unclaimed property, the Treasurer’s Office encourages visiting their official website to search the unclaimed property database.
This initiative is part of a broader effort to streamline the return of millions of dollars in unclaimed property held by the state. While the Palmetto Payback program automates the return process for certain properties, not all unclaimed assets can be validated through this method. Therefore, residents are advised to regularly check the state’s unclaimed property database to claim any additional funds they may be owed.
For more information or assistance, contact the South Carolina Treasurer’s Office at (803) 734-2101 or visit treasurer.sc.gov.
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