Unclaimed Property Reporting
SC Businesses are Required to File a Yearly Report

Unclaimed property consists of tangible and intangible property that has been abandoned

for a one year or longer period and includes refunds, wages, bank accounts, utility deposits, insurance policy proceeds, and more.


The Unclaimed Property Act requires all holders to examine their records each year to determine whether they are in possession of any unclaimed property and if so, attempt to locate the rightful owners of accounts of $50 or more. If the holder is unsuccessful in locating the owners, the holder is required to remit the property to the State Treasurer’s Office along with a report including the names and last-known addresses of the owners.


It is important for business owners to educate themselves about this yearly filing requirement. For detailed information on reporting Unclaimed Property please visit https://treasurer.sc.gov/what-we-do/for-businesses/unclaimed-property-reporting/.


Frequently Asked Questions

What types of property should I look for?

Checks you've issued but were never cashed by the recipient; for example: payroll, patient refunds and patient account balances never used nor returned to the patient.


How far back should I look to find this unclaimed property?

There is a specified period of time for the property to remain unclaimed before it should be reported to the state. The periods vary based on the type of property. Although there could be additional types of property owed, we've listed the ranges for the 3 types of property that most apply to you in Step 1. See "Resources" link below for more information.


What if I have nothing to report!?

You are required to file a zero on what is called a "Negative Report."


What if I don't file?

You may receive a Failure To File Notice by the SC State Treasurers Office and/or be required to complete a self-audit extending back 10 years.


What if I have never filed?

Per the SC State Treasurer's Office, "Our goal at the State Treasurer’s Office is to educate the business community and support them as they come into compliance with the law. If you suspect your organization may be holding past due unclaimed property, we offer a Voluntary Disclosure Program which allows a business to “catch up” its reporting without incurring any interest or penalties. Requests for entry into the Voluntary Disclosure Program can be made by emailing the office at unclaimed@sto.sc.gov."



The Reporting Process

Step 1: Review records to identify unclaimed property.

  • Uncashed Payroll Checks you issued between 07/01/21 – 06/30/22.
  • Uncashed Refund Checks you issued between 07/01/17 – 06/30/18.
  • Unclaimed Patient Account Balances as of 07/01/17 - 06/30/18.
Step 2: Send written notice to property owner.


  • Not required for amounts under $50.
  • Send between 07/01/23 and 09/1/23.

Step 3: File your report.


Report Online


  • Report Due November 1st.


  • All amounts must be remitted to the state.


  • The following information is needed (if available to holder): Owners full name, last known address, social security number (SSN) or federal tax identification number (FEIN), check numbers with amounts and dates, date of last activity or contact with owner.



  • Property valued at less than $50 may be reported in aggregate. For these, owner details are not reported; however, you should keep a detailed listing for your records.
Step 4: Remit funds due.

Need assistance with filing your report?


Complete and return the Questionnaire to us (linked below) by October 1, 2023.


Questionnaire



Links to Additional Resources