Huntington Beach, CA (PressExposure) October 24, 2009 -- Unclaimed money in North Carolina is growing rapidly and at last count had reached $700 million! These unclaimed funds had yet to be reclaimed by North Carolinians. The last nine years saw these unclaimed cash swell from $255 million to $600 million. The state of North Carolina refunded almost $40 million of the unclaimed money to its rightful owners last year alone.
Majority of the unclaimed cash owe their origin to bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds, and contents of safe deposit boxes that typically have remained unattended for one to five years.
Companies escheat, or turn over, the unclaimed funds to the Department of State Treasurer for continued safety and eventual disbursement. In most of the cases, companies lose track of their employees because of incorrect address or any unnatural event. The interest earned on the funds is utilized by the State Educational Assistance Authority (SEAA) for providing grants, loans and scholarships to North Carolina college students.
The North Carolina General Statute 116B-55 states that - âFinancial institutions, hospitals and other businesses forward unclaimed tangible property, such as coins, jewelry, stamps or silver, to the Unclaimed Property Program after the owners abandon these items and can not be located.â
The 2009 State Fair (Oct 15 â 25) will have a booth where the North Carolina citizens can search for unclaimed funds. This booth is organized and managed by NC Cash, the State Treasurerâs unclaimed property program. State Treasurer, Janet Cowell has urged the state residents to stop by the NC Cash booth to search for their unclaimed property. âLast year, attendees discovered over $140,000 in unclaimed property at the State Fair,â Cowell said. âThere are about one million properties currently in the database so there is a one in eight chance that a NC citizen is owed money.â In 2008, almost $40 million of unclaimed property was reclaimed by its rightful owners and the largest reclaim volume of 4400 in three years was processed last month â with a total refund of over $6 million.
The residents of North Carolina can search for unclaimed funds at http://www.nccash.com. In addition, they can also utilize the free service available at http://www.cashunclaimed.com , which has one of the most expansive databases of unclaimed funds across all the states.
Cashunclaimed.com is one of the largest databases for North Carolina state unclaimed money in the world. Our current database lists billions of dollars in unclaimed money, property, accounts and assets from all 50 states and several Federal agencies that could belong to you. There are millions of people who are owed North Carolina state unclaimed money and they don't even know it!