COLUMBIA, S.C. (WCBD) — More than 3,800 checks will be mailed out to people in South Carolina in the coming weeks as the State Treasurer’s Office works to return hundreds of thousands of dollars in unclaimed property.

The office has launched a new initiative called “Palmetto Payback,” which matches qualified unclaimed property to its owner and automatically generates checks without needing to file a claim.

The first wave of payments, totaling more than $600,000, is expected to hit mailboxes in the coming days, according to the treasurer’s office.

“We want to make it easier for South Carolinians to get their forgotten funds back, putting money directly into their hands,” said Treasurer Curtis Loftis. “This is about efficiency, accuracy, and ultimately, about serving the people of our state.”

The Treasurer’s Office, which acts as custodian of the funds until the rightful owners come forward, estimates that one in seven people in South Carolina have unclaimed property, averaging about $500. The office currently has over $950 million available to claim.

The Treasurer’s Office, which acts as custodian of the funds until the rightful owners come forward, currently has over $950 million available to claim.

Businesses transfer millions of dollars to the unclaimed property program each year when the owner of the funds cannot be located. The funds can come from dormant bank accounts, stock certificates, uncashed checks, unclaimed insurance proceeds, and forgotten utility deposits, for example.

“While we are excited to automatically return funds to thousands of South Carolinians, not all unclaimed property can be validated through this special initiative,” Loftis said.

All South Carolinians — including those who receive automatic checks — are encouraged to check the treasurer’s website to see if missing money might be waiting for them.