NC Treasurer touts NC Cash program, updates HB184

NC Treasurer touts NC Cash program, updates HB184
NC Treasurer Dale Folwell talks about the state's program for getting unclaimed property back to the rightful owners, and the bill which could delay implementation of his new program to change reimbursement structure for professionals who provide healthcare to state employees and retirees.

WILMINGTON, NC (WECT) - The Department of State Treasurer in Raleigh currently has more than eleven million records of unclaimed property belonging to people in North Carolina, according to Treasurer Dale Folwell. The state’s population in 2018, according to the U.S. Census Bureau, was estimated at 10.3 million. So, there is a good mathematical chance that if you live in the state, there is unclaimed property in your name.

“It’s approximately 700 million dollars in cash, bonds and stocks,” Folwell said talking about the amount of unclaimed property. “Last year we gave nearly $600,000 to one individual who was the beneficiary of a life insurance policy, and that person didn’t know it.”

There is an easy way to search the state records to see if there is property listed under your name. Look for the “NC Cash Program” heading on the nctreasurer.com website. Folwell might sound like he’s being egotistical when he says make sure his face on the website before you start your search. But in this case, making sure can also save you money.

“If they don’t see my picture on the top they’re probably on the wrong website, because there are finders out there that try to steer people into actually paying them a fee,” Folwell said. “There is no fee for looking up your name. There is no fee for applying to get your money. There is no fee once we cut you a check.”

Folwell also expressed optimism about getting his message out to lawmakers about the plan to change reimbursements to healthcare providers for services given to state workers and retirees starting January 1, 2020. The state House passed HB184 earlier this month, which would delay implementing the new plan, which Folwell says would save hundreds of millions of dollars, while a legislative committee studies the issue. Since passing the House chamber on April 3, the bill has been in the Committee on Rules and Operations of the Senate with no movement.

“We’ve had fantastic conversations with the folks in the (state) Senate who really want to understand the ‘why?,” he said. “Why we’re doing this. After we explain why we’re doing it, then we explain how this is going to actually fix the problem.”

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