South Carolina’s ‘Palmetto Payback’ Initiative Returns Unclaimed Funds to Residents

In a major effort to reunite South Carolina residents with money that rightfully belongs to them, State Treasurer Curtis Loftis has launched a new initiative called “Palmetto Payback.” This program is designed to simplify the process of returning unclaimed property by automatically issuing checks to verified recipients—no claims, applications, or paperwork required.

A Streamlined Solution for Lost Assets

The Palmetto Payback program represents a more proactive approach to handling unclaimed property. Rather than waiting for individuals to search for and claim their funds, the Treasurer’s Office is now using data-matching technology to identify rightful owners and send them checks directly.

The first wave of disbursements, totaling more than $600,000, has already begun. Each payment in this round averages around $500 and is expected to reach mailboxes within four to six weeks of notification.

What Qualifies as Unclaimed Property?

Unclaimed property can include a wide range of assets, such as:

• Dormant bank accounts

• Uncashed checks

• Insurance policy proceeds

• Utility deposits

• Stocks, bonds, and mutual funds

These assets often go unclaimed because owners have moved, passed away, or simply forgotten about them. Over time, businesses and financial institutions are required to turn these assets over to the state, where they are held until claimed.

No Action Needed — Unless Information Has Changed

For individuals selected to receive a payment, there is no need to take further action unless their personal details—such as address or name—have changed. The Treasurer’s Office sends a notification letter, and checks are automatically mailed a few weeks later.

An Ongoing Commitment to Public Service

Treasurer Curtis Loftis emphasized that this initiative is part of a broader mission to make state services more efficient and responsive to the needs of citizens. By eliminating red tape and putting money directly into the hands of South Carolinians.

While Palmetto Payback will reach many, not all unclaimed property qualifies for automatic return. Residents are still encouraged to periodically search the unclaimed property database maintained by the Treasurer’s Office to see if additional funds are owed to them.