THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, September 30, 1995 TAG: 9509300284
SECTION: LOCAL PAGE: B1 EDITION: NORTH CAROLINA
SOURCE: BY ANNE SAITA, STAFF WRITER
LENGTH: Long : 102 lines
James Saylor of Moyock, John Mordica of Knotts Island and Raymond Dimmick of Corolla probably don't know it, but hundreds of dollars could be a phone call away.
The money isn't from a state lottery, mail sweepstakes or church raffle. It's courtesy of the state of North Carolina, which each year is given custody of millions of dollars in unclaimed property.
Hundreds of people in northeastern North Carolina are entitled to money or securities that have been lost or forgotten. Few, however, know the assets exist.
Every fall of every year in every county in North Carolina local officials receive the names and most recent addresses of residents who have had money or stock turned over to the state. Virginia and other states have similar programs.
``Dividend checks are a big area. So are old savings accounts, utility deposits and insurance benefits,'' said Terry Allen, administrator of the Department of the State Treasurer's Escheat and Unclaimed Property Program in Raleigh.
Pasquotank County this year has 195 items totaling $44,474.12, Dare County has 63 items worth $10,266.15, and Chowan County 40 items valued at $9,839.
In Currituck County about 20 people are entitled to collectively receive $4,514.45, according to this year's list.
Most recipients are like Stanley Saunders, Daniel Jordan and Phyllis Wilson, all of Moyock and each entitled to an insurance check. Joe Chamblee of Shawboro never cashed a $244.84 Christmas Club bank account.
Private businesses also are on the list. The False Alarm Lounge in Moyock and Austin Building in Corolla have telephone refunds. Sentara Nursing Center in Barco apparently never received a $50 check from a state agency.
Last year about $5.1 million of $20 million statewide in escheated or unclaimed property was refunded to 7,125 rightful owners.
This year, the state treasurer has about $23 million - $20.7 million in cash and $2.5 million in securities - to return.
``It's growing every year,'' Allen said. ``We feel like it's probably the transient nature of society. People are picking up and moving all the time.''
Because claims are processed through the Raleigh office, local clerks may not be sure of how many people in their county collect their money or stock.
All claims are for $50 or more. Some are worth thousands of dollars, Allen said.
``I only know of a few since I've been here that have claimed the money,'' said Pasquotank's Lynn Pike, who became the clerk of Superior Court in January 1993 and whose office has escheated money to the state.
Dare County's Betty Mann said she'll call people she knows are due some money. All clerks offices post their lists.
In Currituck, successful searches are increasing and now make about a third of each annual list.
For the past three years, Superior Court Clerk Sheila R. Romm has attempted to call as many names as possible on her escheat list, rather than merely post a notice on the county courthouse bulletin board.
``They'll say, `Oh wow, you mean I get money back?' Some of these people really need that money, too. I guess we all do,'' said Romm, who has been Currituck's top court clerk since 1986.
Although a new list is released each fall, old lists remain active indefinitely.
``If an owner or heir to an owner comes forward a hundred years down the road and files a claim, we'll make a refund,'' Allen said.
The escheat program has existed in North Carolina since 1789 and was administered by the University of North Carolina until 1971, when the state treasury took it over with a zero balance.
Interest earnings from the invested money go to the North Carolina State Education Assistance Authority to be used as loans for qualified college students.
In July, State Treasurer Harlan E. Boyles turned over $9.2 million in net investment earnings to provide low-interest loans to 2,591 North Carolina students enrolled in state-supported schools, Allen said.
``We feel like it really benefits the state in two ways,'' Allen said. ``We recover money for citizens, plus we utilize interest from that money to benefit our students.''
Those who wonder or discover they have unclaimed or forgotten property, such as an old bank savings account or even a gift certificate, should call or write to the state treasury. ILLUSTRATION: REFUNDS
The state treasury is searching for North Carolinians who have
unclaimed property.
Refunds are for:
Uncashed checks
Unclaimed rent and utility deposits
Bank accounts
Insurance proceeds
Unused gift certificates
Contact the Department of the State Treasurer, Escheat and Unclaimed
Property Program, 325 North Salisbury Street, Raleigh, N.C.,
27603-1385. Or call (919) 733-6876.
A claim form must be completed, notorized and have documentation
proving ownership.
by CNB