Unclaimed Money in the State of Virginia
Unclaimed money refers to any financial sum, asset or property that has been abandoned by the owner. The different States have different laws that are used to determine whether a certain financial sum or property was indeed abandoned or not. In the State of Virginia, the State Treasury is responsible for all matters related to unclaimed money. It acts as a custodian to this money until the rightful owner can either be located, or they file a claim to have their money returned to them.
The actual amount the State is holding in unclaimed cash can run in the hundreds of millions. Various people often forget to keep their financial records in order, especially when they have changed their address or moved to a new State. When this happens and they do not leave their forwarding address with their bank, broker or their employer, the State has no way to return any money owed to the rightful owner. In such a situation, the owner must themselves file a claim with the State Treasury in order to receive their money back from the government.
How to Claim Unclaimed Money in the State of Virginia: Follow These Steps
Unclaimed funds held by the government can include but are not limited to:
- Contents of a Safe Deposit Box
- Dormant savings account
- Dormant checking account
- Stocks and bonds
- Utility deposits
The State of Virginia runs an 'Unclaimed Property Program' that makes it both convenient and free for people to check to see if they have unclaimed money with the State. Money is considered unclaimed if there is no contact between the rightful owner and the private holder, for example, a customer and their bank, for a period of time. This period of time is called the 'dormancy period' and is usually five years. However, depending on the kind of fiscal asset and who the rightful owner is, this time period can range between one to fifteen years.
The simplest way to get unclaimed money from the government is by running an unclaimed money search at the government's database. The State of Virginia runs a 'Click and Claim' service that lets people look for their unclaimed money online.
There are three ways to find unclaimed money using this portal, and they include:
- Search for individual
- Search for business
- Search for deceased
If the claimant is searching for unclaimed money belonging to a deceased person, then they must also look at the guidelines related to estate and property on the website.
Once the claimant has been able to ascertain that they have unclaimed money that is being held by the State Government of Virginia, then they must apply to the State Treasury Department of Virginia to gain access to their money. In order for this process to be successful, they must also offer valid identification proof, ideally their Social Security Number.
Virginia Unclaimed Money
When the Virginia State Treasury is first notified of any unclaimed money, they will attempt to notify the rightful owner. This is done by sending a written notice to the home address of the owner. If the owner does not reply within a stipulated period of time, then the State Treasury becomes the custodian of that amount until a time when the owner would like to claim their money.
This money is brought in when private holders turn over any unclaimed money or property they have in their accounts, provided the dormancy period has been completed. The State Treasury can hold this amount indefinitely until the rightful owner files a claim to obtain it.