Carriage House Plans: Nc Unclaimed Money

Monday, 10 December 2012

Nc Unclaimed Money

As of a last estimate, "The North Carolina Department of State Treasurer holds nearly $600 million in unclaimed property". This roughly translates into one in eight North Carolinians have unclaimed money lying with the state treasury. In the past year, over $39 million in unclaimed property has been returned. Like most of the other states, North Carolina's 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. According to the State Constitution, the interest earnings on the fund go to needy and worthy North Carolina public university and community college students. The North Carolina General Statute 116B-55 states that "Financial 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 cannot be located."