FILE - North Carolina Treasurer Dale Folwell

North Carolina Treasurer Dale Folwell

(The Center Square) – A new state initiative will speed up the process for North Carolinians to get millions of dollars in unclaimed funds.

State Treasurer Dale Folwell said his office is preparing to return $1.4 million in money, uncashed checks, forgotten bank accounts, utility deposits, stocks, bonds, other abandoned funds and personal property, starting next month.

"One of the most rewarding parts of my job is returning money to North Carolinians, especially during these economically challenging times of job, food, health and education insecurity," Folwell said.

The state requires the treasurer's office to keep secure an unclaimed $800 million, according to Folwell. The North Carolina Legislature approved a new program that automatically sends payments of up to $250 to North Carolinians instead of requiring paperwork or submitting proof of ownership. The treasurer office's Unclaimed Property Division (UPD) is scheduled to pay 25,000 expedited claims in the next six months.  

UPD will mail notification letters to recipients, and a check will be issued within six to eight weeks. UPD plans to process at least 50,000 claims worth about $2.8 million every year going forward.

The treasurer's office has property worth more than $250 still waiting to be claimed by the owners.

"We're in the check-delivery business, so I encourage you to go to the website and do a search for your name, your wife's maiden name, and your friends' and relatives' names," Folwell said. "You may be surprised to find you have money just waiting to be claimed."

Staff Reporter

Nyamekye Daniel has been a journalist for four years. She was the managing editor for the South Florida Media Network and a staff writer for The Miami Times. Daniel's work has also appeared in the Sun-Sentinel, Miami Herald and The New York Times.