In late August, Tideland mailed over 2,000 “Intent to Escheat” letters were to members or former members who haven’t cashed a check previously mailed to them by the co-op. The checks were generated for aged billing refunds, such as a security deposit balance due after final billing, or a December 4, 2018, capital credit general retirement check. Recipients had until September 20, 2022, to request a replacement check from the cooperative.
For those we did not hear from, the funds will now be turned over to the appropriate state treasurer’s office as determined by the last known mailing address we have on file for the member. For North Carolina residents, a search for unclaimed refunds can be conducted online at nccash.com. The database is maintained by the North Carolina Department of the State Treasurer. The agency has returned more than $105 million in escheated property in the past 12 months including co-op refunds and capital credit distributions. The search and claims submission process is done at no cost to the property owner.
If an uncashed check was made payable to a deceased member the estate will need to petition the state for those funds. The estate should also complete a “Request for deceased member’s capital credits” form and return it to Tideland along with a copy of the member’s death certificate. If the member did not have a will or executor, the final distribution of co-op funds will be made payable to the clerk of court for distribution. You can find the estate request form on Tideland’s website or call our office at 800-637-1079.
If you happen to find an uncashed capital credit check from the years 2019, 2020 or 2021 please contact the co-op so we can make arrangements to issue an updated check. Because capital credit refunds will continue to be generated for years to come it is always a good idea to periodically check your account information to make sure we have your current address on file especially if you terminate service and relocate outside of our service area.
As National Co-op Month is celebrated throughout the month of October, this is a timely reminder that co-op membership matters and it also pays in the form of shared financial equity that eventually makes its way back to your wallet. We appreciate the opportunity to serve you, your family and our member-owned businesses.
