Pilot program sees mail notices sent to NC residents who have small sums of unclaimed money

North Carolina news

RALEIGH, N.C. (WNCN) – Everybody appreciates found money. The North Carolina Treasurer is now making it easier for people to get unclaimed money they didn’t know belongs to them. It’s part of a simplified program that matches unclaimed funds with state residents.

In the past, people would have to go online to the state treasurer’s website or stop at the booth at the state fair to see if they had unclaimed cash. No, Treasurer Dale Folwell is trying something different by reaching out to people.

“We’ve mailed out over 3,000 letters to individuals representing over a quarter million dollars,” he said.

Around the state, people are opening their mailboxes and finding a letter from the treasure saying they’ve got money coming to them. When people get that letter in the mail, Folwell said they’ll know it isn’t a scam. It will be from the state treasurer’s office with its name and address on it.

The pilor program is only dealing with amounts of $250 or less, but it adds up.

“There’s over a million people who have less than $250 dollars waiting,” Folwell said.

Anyone who gets one of the mail notices won’t have to do anything. The money will automatically be sent after six weeks.

The state treasurer’s office is using information from public records databases to cull addresses to match up with unclaimed property records. He said it’s estimated that 8 percent of the letters sent out will be returned as undeliverable.

Folwell said the money comes from all kinds of places.

“A last paycheck that didn’t get delivered, a rent deposit owed to you, or a small dividend from an electric co-op,” he said.

The pilot program is set to run a year.

Once the treasurer reports back to the legislature on how it worked, Folwell anticipates the program will be expanded.

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