Treasurer Folwell announces bill to raise cap on unclaimed cash
PRESS RELEASE ::: (Raleigh, N.C.) – Legislation championed by State Treasurer Dale R. Folwell, CPA, is making it easier for people to retrieve their missing money that the Department of State Treasurer (DST) has been safeguarding. The General Assembly passed and Gov. Roy Cooper signed a law that allows DST’s Unclaimed Property Division (UPD) to work with the rightful owners to claim up to $5,000 without any red tape. The initiative is called NCCash Match and was rolled out on a six-month trial basis in October 2020. Initially the pilot program allowed the expedited process for claims of up to $250 through March 15. During that limited time UPD staff processed 20,969 claims among all 100 counties and distributed slightly more than $1.4 million. The total was nearly $1.7 million when including payments made on 3,895 claims to people no longer living in North Carolina. Due to the success of the program, both legislative chambers voted unanimously to make the program permanent, and the bill was signed into law by the governor on March 11.