Unclaimed Money Virginia: How to Find Unclaimed Money in Virginia
November 2, 2022
If you are a resident of the State of Virginia, it is likely that some of the unclaimed monies in possession of the state might be yours.
For example, if you have forgotten to cash your last paycheck or you are entitled to some insurance proceeds from a late relative, you can still recover such money.
You can track and locate your missing money using different mechanisms.
This piece presents some of the best and most practice ways to find unclaimed money in the Old Dominion State.
Administration of Unclaimed Money in Virginia
Money becomes unclaimed in Virginia if the owner fails to claim it for a specific period of years.
While it is the duty of the owner to claim their abandoned funds, holders of unclaimed property in Virginia must make concerted efforts to reunite abandoned money with their legitimate owners.
If the holder fails to contact the owner(s) or their heir(s), the holder must transfer the funds to the Unclaimed Property Division of the Virginia State Treasury.
Once the funds are in the custody of the state, it is up to the owners to check if they have any unclaimed money in their name and take every necessary step toward reclaiming them.
The treasury department provides temporary custody for the unclaimed funds, and such funds remain claimable for life.
The Virginia Code 55.1-2529 provides that tangible financial assets can be auctioned at public events and the proceeds deposited in the Literary Fund of the Commonwealth of Virginia.
However, the money, with its compounded interests, can still be recovered by the owner or heir.
The Virginia treasury currently holds billions in unclaimed money and other properties.
The department returned over $87 million to state residents during the 2019 fiscal year, a 9.5% increase over the past fiscal year.
In addition, over $847 million has been paid out to legitimate owners since the introduction of the Unclaimed Property Program by the treasury department in 1961.
Types of Unclaimed Money in Virginia and their Dormancy Periods As already mentioned above, the dormancy period for unclaimed monies differs according to the type of unclaimed money.
Below are the types of Virginia unclaimed money and their dormancy period:
* Bank accounts: five years * Gift cards and certificates: five years * Checks and drafts: five years * Life insurance policies: five years * Contents of safe deposit boxes: five years * Traveler’s checks: fifteen years * Proceeds from class action lawsuits: two to three years * Salaries or wages: five years
Other types of unclaimed money Virginia funds include bonds, dividends, unclaimed security deposits, utility deposits, uncashed checks, and public benefits.
How to Find State of Virginia Unclaimed Money?
Persons looking for Virginia unclaimed money can start by contacting the Virginia Department of Treasury Unclaimed Property Division.
In addition, the government of Virginia has an official website called MoneySearch, for tracking and locating unclaimed monies and properties.
The platform works together with the Unclaimed Property Division to help owners find their unclaimed money.
Below is a step-by-step guide on how to find unclaimed on the platform:
* Open the MoneySearch website. * Create an online account with the Unclaimed Property Division. This is especially important if you wish to want to be able to log in again in the future or avoid losing your search results. Click on the “just search” button. * You will be provided with three search options to select from; search for yourself, search for a business, or search for the deceased. Click on one option to proceed. * Input your first, middle, and last name. Then, click on “go.” * Confirm if you have used other names before, for instance, before marriage. * To narrow down your search, type in your Social Security Number. After that, click on the “search” button. * If there are matches, you will be instructed to provide supporting documents and other details to help in filing your claim. * The Treasury Department reviews your documentation to ensure that the property (unclaimed money) belongs to you. * You will receive a check for your funds if your claim is approved.
The required supporting documents depend on the relationship between the claimant and the property.
Owners of unclaimed funds must upload a scanned copy of a government-issued photo ID, such as a U.S passport or a driver’s license, birth certificate, state ID, or international passport.
The claimant must also submit documents establishing ownership, for instance, invoices, letters, pay stubs, and receipts.
Close relatives claiming on behalf of deceased family members are required to provide the documents listed above and others proving their connection to the original owner.
For example, spouses are required to provide marriage records, ex-spouses should supply divorce decrees, and parents may provide birth certificates.
In addition, such individuals must also provide a copy of a certified death certificate of the deceased.
Finally, authorized third parties, such as legal representatives or court-appointed probate, must submit a government-issued photo ID with certified copies of documents authorizing them to act on behalf of the owner.
Such documents include wills for estate executors, power of attorney, and court orders for estate administrators.
Finding unclaimed money in Virginia has never been easier! Residents of the state searching for their unclaimed money can use the processes outlined above, and find Virginia unclaimed property to claim back.
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