The amount and variety of unclaimed property in South Carolina and other states is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding unclaimed property in SC also mean that business owners have legal obligations if they come into possession of unclaimed property.
The list of unclaimed property in SC includes, but is not limited to insurance payments, stocks, checking/savings accounts, death benefits, vendor checks, over-payments, certificates of deposit, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, credit balances, refunds, dividends, commissions, gift certificates and customer deposits.
1. Know the laws regarding South Carolina unclaimed property and how they affect you as a business owner.
2. Search abandoned property in South Carolina to see if you have forgotten some assets.
3. Find unclaimed properties in SC auctions.
Action Steps
The best contacts and resources to help you get it done
Know your obligations regarding SC unclaimed property
As a business owner, you're typically required to report and remit unclaimed property in South Carolina. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are.
I recommend: Go to the State of South Carolina Unclaimed Property site to
Report Unclaimed Property. The
Business Owner's Toolkit also has information about your obligations regarding unclaimed property in South Carolina.
Search South Carolina unclaimed property to ensure that your business hasn't left some assets behind
It may be a long shot, but why not perform a South Carolina unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some SC unclaimed property or even some unclaimed land in Delaware that still belongs to your business.
I recommend: Search for unclaimed property at the State of South Carolina Unclaimed Property site. Or search the
Unclaimed Property Program website - an excellent resource for locating unclaimed property in South Carolina, including unclaimed accounts held by other states and the Federal Government. Also try
CashUnclaimed for unclaimed cash, although you'll have to pay for the information.
Find abandoned property in SC at auctions
State and local governments, as well as police agencies, sometimes dispose of unclaimed properties in South Carolina through auctions. If you like auctions, it can be a good way to save your business some money.
I recommend: Sumter County holds periodic auctions to dispose of
unclaimed South Carolina property.
Government-Auctions-Guide.com features SC unclaimed properties, as well as foreclosures and seized property.
PropertyRoom.com auctions unclaimed and seized property from police forces in South Carolina and elsewhere.
Tips & Tactics
Helpful advice for making the most of this Guide
- Be wary if approached by someone who wants money in exchange for information on unclaimed properties in the state of South Carolina; you can get the same information on your own for free.
The official source of Unclaimed Property in South Carolina is
the Unclaimed Property in South Carolina page at Business.com
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