Residents of New Hanover, Brunswick and Pender counties are owed over $79 million in unclaimed properties, according to the North Carolina Office of the State Treasurer.
But how does someone end up with unclaimed property? According to North Carolina Treasurer Dale Folwell, 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.
Generally, Folwell said, people end up with unclaimed property when someone does not receive or did not cash a check that was sent to them by someone else.
The funds eventually become unclaimed because the company loses track of the consumer due to an incorrect address or other missing information. So, by law, the funds are turned over to the Department of State Treasurer for safekeeping.
In September, Folwell announced that the Unclaimed Property Division set another yearly record of $115 million in unclaimed property being returned to the rightful owners during the 2023-24 fiscal year.