Local News

State Treasurer Heads Effort To Return $3 Million In Unclaimed Property

Posted September 25, 2003 8:17 a.m. EDT

— State Treasurer Richard Moore will challenge North Carolinians to help him give back $3 million in unclaimed property during October -- double the amount distributed in a typical month.

The giveaway is part of a year-round campaign called N.C. Cash, an effort to heighten awareness of unclaimed property in North Carolina.

The campaign will include media outreach, advertisements and using newly-designated State Treasury investigators to help place the money.

"There is a one-in-eight chance that a North Carolina citizen is eligible to receive unclaimed property," Moore said. "We plan to locate as many North Carolinians due unclaimed funds as we can find in the coming weeks and return their money."

October is Unclaimed Property Month -- culminating on Unclaimed Property Day Oct. 31.

Moore's office is designated by law to administer the state's unclaimed property as a free service to the public.

Unclaimed property includes more than 100 types of properties that have not been used for a certain period of time -- typically one to five years. Usually, those properties become unclaimed when the owner moves and fails to update his or her address with the holder.

Unclaimed property includes bank accounts, wages, utility deposits, insurance-policy proceeds, stocks, bonds and contents of safe-deposit boxes.

Financial institutions are required to make an effort to locate the owners of the property. But if those efforts fail, they must turn over the name, the last known address and money to the State Treasurer for safekeeping.

There is no timetable for claiming the money. Interest earnings from all unclaimed property goes to the

North Carolina State Education Assistance Authority

to provide tuition assistance to needy and worthy college students.

"There is a good chance that many North Carolinians aren't even aware that they could have unclaimed property," Moore said. "It won't cost anything to take a few minutes to check our Web site or call the number to see if you're on the list."

For more information on the N.C. Cash campaign, visit the

Web site

or call

(919) 508-1000.