Palmetto Payback Reaches Out to Millions to Return Unclaimed Money
Millions in unclaimed money has been returned to its owners due to the Palmetto Payback. The Palmetto Payback Program has been able to reach out to millions of people who could be the potential owners of unclaimed money. A large number of companies transfer millions of dollars into this program annually, after they are unable to locate the owners. Examples of the type of property covered by the Program include bank accounts, stock certificates, checks, insurance policies and utility deposits. The Palmetto Payback Program does not include tangible property like land or vehicles.
The guiding principles of the Palmetto Payback program ensure that the unclaimed money is held indefinitely for the benefit of the rightful owners. If the program is holding some money, then the owners of the unclaimed money have the right to claim the funds at any point of time. Until claimed, the funds are used for the good of all South Carolina citizens State Treasurer, Curtis Loftis, has proudly announced that the Palmetto Payback Program generated claims of more than $350,000 to people statewide in the two days following TV news.
The Palmetto Payback at WSPA-TV in Spartanburg yielded 938 claims statewide totaling $263,000 within 24 hours. The claim number will increase as claims continue coming in. The story was also seen in Charleston, South Carolina.
On February 17, a Palmetto Payback TV phone bank at Charleston’s WCSC-TV yielded 349 statewide claims totaling nearly $90,000 in just one day. The program received so much interest that viewers overloaded the station phone system. During the 5-6pm newscasts, Treasurer Loftis took calls and helped take claims from viewers.
“I love getting outside of the Statehouse Complex and talking about this valuable program,” Treasurer Loftis said. “Giving money to its rightful owners is one of the best parts of this job and we take our responsibility very seriously when it comes to reuniting people with their unclaimed property.”
The State Treasurer’s Palmetto Payback Program is currently holding more than 1.5 million accounts totaling nearly $300 million dollars. During the fiscal year ending June 2010, the program paid 13,629 claims, returning more than $12.2 million dollars to the rightful owners. The most common unclaimed property is dormant bank accounts, uncashed insurance policies, unclaimed utility deposits, uncashed checks and forgotten stocks/bonds.
