(Durham, N.C.) – As keeper of the public purse, State Treasurer Dale R. Folwell, CPA, understands the importance of every dollar meant for public purposes. On Monday, May 20, he gave Durham County officials nearly 70,000 reasons to agree with him.
Money that has become undeliverable for a variety of reasons is safeguarded at the Unclaimed Property Division (UPD) of the Department of State Treasurer (DST) until the rightful owners claim it. During a review of data in UPD, commonly called NCCash.com, DST staff identified $67,893.81 belonging to Durham County.
Treasurer Folwell, who chairs the state’s Local Government Commission, said it was an honor to return the money to the state’s sixth-largest county with a population estimated at over 330,000 residents.
“Large or small, our state’s counties and municipalities all could use more cash these days. At NCCash.com, our staff works hard to ensure money in our custody is returned to the rightful owners so they can put it to the best use for their taxpayers and constituents,” Treasurer Folwell said.
“These funds, now returned to Durham County, will be directed towards enhancing the services and programs that benefit our community. It’s essential for everyone to check for their unclaimed property as these resources could make a significant difference in their lives. I want to take this opportunity to also remind and encourage all Durham County residents to visit NCCash.com to check if they have any unclaimed funds waiting to be retrieved. They might be surprised to discover what might be rightfully theirs. I want them to remember this a free service that they can do themselves,” Nimasheena Burns, Durham County Board of Commissioners vice chair, said of the NCCash program.
“I am thankful to our state officials joining our county in ensuring the financial health and sustainability of communities across North Carolina, but especially Durham,” Burns said.
Under state law, NCCash.com is currently safeguarding nearly $1.3 billion in funds that are escheated, or turned over, to DST. The money is awaiting return to the rightful owners after being lost, misdirected or overlooked. It represents 22.1 million properties statewide, and more than 25 million owners are associated with those properties. For the fiscal year that ended June 30, 2023, UPD paid 193,319 claims totaling $108,586,512, both historical records for a one-year period. It is on track to set a new record for the fiscal year that started July 1, 2023. UPD has now paid 121,305 claims totaling $97,848,295 through April 30.
The unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds and contents of safe deposit boxes that have been abandoned.
Unclaimed property can result from a person or entity forgetting they are due money, or from a move of location and forgetting to provide a new address. It also could result from a typing error in a house number or zip code in an address, a name change, or data loss from a business converting its computer system. As society becomes more mobile and steadily moves to electronic transactions, the risk of having unclaimed property has increased.