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NC treasurer hits fairs to return unclaimed cash

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RALEIGH, NC (AP) -- Nearly $400 million lost in the electronic equivalent of the sofa cushions is waiting for its rightful owners in North Carolina to claim it.

State Treasurer Janet Cowell said Wednesday her office operated a booth at the Mountain State Fair last week in Fletcher and found people who may be entitled to recover nearly $70,000 in unclaimed property. The treasurer's office also plans to operate a booth at the State Fair next month.

The state's unclaimed property fund collects long-forgotten cash from insurance policies, checking accounts, utility deposits and other items. Proceeds from the fund's investments are required by law to go toward scholarships and loans for needy college students.

The unclaimed property program helped more than 100,000 students in 2010.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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