Over $1 billion is owed to NC residents in unclaimed money; What to know to claim funds

North Carolina might owe you money. In some cases, North Carolina might owe you a lot of money.

State residents and businesses are owed more than $1 billion in unclaimed funds coming from uncashed checks, forgotten bank accounts, deposits and abandoned funds, according to the North Carolina State Treasurer Dale Folwell.

In Buncombe County, "nearly $50 million" in unclaimed funds sits with the North Carolina State Treasury, Folwell, who is a Republican gubernatorial candidate, told the Citizen Times Oct. 13.

"There is almost half a million properties — just in Buncombe County alone," Folwell said of the properties that are owed money.

Between July 1, 2022 and June 30, 2023, the amount returned to North Carolina residents has come to just under $109 million according to nccash.com. That's roughly a tenth of the outlying cash owed to former and current state residents.

"I've signed two checks this year for $1.7 million each," Folwell said.

Folwell said getting the money back into the hands of those who need it is more important — and easier — than ever.

"We're in a period where things are costing more; we have more inflation," Folwell said. "And, secondly, because of technology, we're doing such a better job of actually getting more money in that belongs to people."

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How to find unclaimed funds in NC

If you are looking for unclaimed funds or are curious about if you might be owed money, the N.C. State Treasurer has a simple tool to help out.

To check whether or not you have unclaimed funds, go to https://unclaimed.nccash.com/app/claim-search. You will be required to give your first and last name, or the title of your business.

Otherwise, you may receive one of the 70,000 letters a year that the state treasurer sends out a year.

If you believe you may have funds — don't wait, Folwell said.

"The fastest way for people to get their hands on what is theirs is to go to nccash.com," Folwell said.

Additionally, all states have an equivalent to nccash.com, Folwell said. If you lived in another state for any period of time and want to check if you have unclaimed funds, you can find a list of respective websites at https://unclaimed.org.

How do I claim funds?

After finding funds that may be owed to you, claim them by submitting proper documentation through an electronic claim processing system at nccash.com/claiming-your-unclaimed-property.

Proper documentation can be a driver's license, employment documents, a deed of trust or a last will and testament, according to the state treasurer's website. A full list of proper documentation can also be found at nccash.com/claiming-your-property/required-forms-and-documentation.

What kind-of unclaimed funds are on NC unclaimed funds website?

Unclaimed bonds, stocks, bank accounts, wages, utility deposits and insurance policy proceeds are some of the examples given on nccash.com. Abandoned funds also include items left in safe deposit boxes, where tangible property is auctioned off by the state after being held for at least one year. The state will hold a bidding process on your tangible property, after which time the owner will be owed the amount paid for said item.

Folwell suggests looking up organizations you might be a part of, like your church or other community groups.

"Look up a nonprofit, PTA or your local Girl Scouts," Folwell said. "For any young readers, they need to check their teachers name."

In recent trips to Buncombe, Folwell said he's given money to local colleges and the city of Asheville.

How long does it take to receive unclaimed funds?

With required documentation, the fund takes roughly 90 days to come back, according to nccash.com. After filing a claim, you can check the claim status online.

What about for relatives or deceased family members?

You cannot claim funds on behalf of relatives. However, the estate executor for a deceased person can collect unclaimed funds by submitting the proper documentation online.

If someone died without a will or any known heirs, the unclaimed funds will be returned to the state as a right of escheat, according to the State Treasurer Department.

How does property become unclaimed?

Often money becomes unclaimed when there is a loss in communication, mail is lost resulting in money never being returned to its proper owner or the holder of the money, like a business or organization, did not perform proper due diligence, according to nccash.com.

Funds are turned over to the State Treasurer's office by companies that did business with North Carolina residents, according to the treasurer's website. They are required by law to send the money to the state treasurer.

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Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com.

This article originally appeared on Asheville Citizen Times: $1 billion in NC unclaimed funds. Here's how to claim your money