What is Unclaimed Property?
Unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds, and contents of safe deposit boxes that typically have been abandoned for one to five years. Funds become unclaimed because the company loses track of the consumer, due to an incorrect address or other missing information.
By law, these funds are escheated, or turned over, to the Department of State Treasurer for safekeeping. As new funds are added, the NC Cash database is updated, which means that your name could be listed right now.
How Can I Search for Unclaimed Property?
Reclaiming your money is very simple. Visit the NC Cash section and follow the instructions for doing an online search for unclaimed property.
Tangible Unclaimed Property
Following at least a one year hold period, these items are sold through a co-operative effort with State Surplus Property. The unclaimed property is sold through a bid process, which can be viewed at www.ncstatesurplus.com, or through retail sales, at the State Surplus Facility located at 6501 Chapel Hill Road, Hwy 54 in Raleigh.
The revenue generated from the sale of unclaimed property is then entered into the database under the owner’s name. The owner would be due this cash amount.
Holder Reporting - What Is a "Holder"?
Any business association in possession of property is a potential holder. This includes but is not limited to banks, insurance companies, utilities, corporations, government agencies, nonprofit organizations.
Unclaimed property consists of bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, contents of safe deposit boxes, etc. that have been abandoned – that is, for which there have been no documented transactions or contact with the owners for a statutory period of time known as a dormancy period.
For those holders which may be holding unclaimed property past the prescribed dormancy period, in most cases, North Carolina is able to accept such delinquent property, waiving any penalties and interest.
Unclaimed Property Fund
The unclaimed property fund is approximately $400 million.
What Happens to the Interest on the Fund?
Interest earnings on the funds are invested to the North Carolina State Educational Assistance Authority to provide grants and loans to worthy and needy North Carolina students in State-supported institutions of higher education.