Nearly $4.2 Million in Unclaimed Property Slated to be Sent to Recipients This Fall
State Treasurer Riley Moore is urging West Virginians to be on the lookout for letters that will be sent out next week informing some residents they should receive an unclaimed property check from the Treasurer’s Office this fall – without the need to file a claim with the Office.
The letters are part of the Office’s “West Virginia Cash Now” program, which automatically sends unclaimed property checks to verifiable residents without the need to go through the claims paperwork process.
“Now in its second year, the West Virginia Cash Now program has already been a tremendous success in returning unclaimed property back to West Virginia citizens,” Treasurer Moore said. “Last year, thousands of West Virginians cashed checks ranging between $100 to $5,000 through this program, and we’re looking forward to returning millions more dollars to our people this fall.”
The Treasurer’s Office is preparing to send 3,677 notification letters next week, representing nearly $4.2 million worth of unclaimed property claims. Residents will be informed they should be receiving checks for their unclaimed properties in October.
West Virginia Cash Now launched last year following passage of House Bill 4511, an unclaimed property modernization bill that Treasurer Moore proposed to lawmakers during the 2022 regular session. Among its many provisions, the bill created a more automated approach to claims processing which now allows many West Virginians to be reunited with their missing money automatically – no paperwork required.
Through the West Virginia Cash Now program, the Office’s Unclaimed Property Division is able to quickly issue checks to residents who already have addresses and contact information that are readily verifiable in legal databases.
Treasurer Moore said his Unclaimed Property Division has more than 3 million listings valued at more than $300 million. The Cash Now program will apply to one of the most common types of claims: Individual property owners with claim amounts ranging from $100 to less than $5,000.
Treasurer Moore emphasized that once you receive the letter, you simply have to wait for your check to be mailed in October – you do not have to file a claim with the State Treasurer’s Office.
In addition to verifying the address of the individual, Treasurer Moore said the letters will serve to inform people this program is legitimate and not a scam.
“One of the biggest challenges we have when we contact someone about their unclaimed funds is they often think it’s a scam,” Treasurer Moore said. “I know it’s reasonable to be skeptical when something sounds too good to be true, but we need people to know the unclaimed property program is not a scam. It’s our legal responsibility at the State Treasurer’s Office to return lost funds to our citizens, and the West Virginia Cash Now program is one of the ways we’re working to fulfill that obligation.”
More information about the program is available at the Unclaimed Property Division’s official website, which has now been transitioned to an official .gov web domain: www.WVUnclaimedProperty.gov.
Information on the Cash Now program is available by clicking on the “WV Cash Now” tab at the top of the page.
While the Cash Now program created a new automated process for certain claims, it does not apply to all claims. Businesses, government entities, estate claims and securities are not covered by the program because additional documentation is required to verify the owner. Individuals with claims of $5,000 or more will also still have to file paperwork with the Office to receive their claim.
Since the new program will not cover all claim types, Treasurer Moore emphasized that individuals should still regularly visit www.WVUnclaimedProperty.gov to search and see if the Office is holding any assets in their name.
What is Unclaimed Property?
Unclaimed property can include financial accounts or items of value in which the owner has not initiated any activity for one year or longer. Common examples include unpaid life insurance benefits, forgotten bank accounts and unused rebate cards. (While the title includes the word “property,” it does not however include real estate.)
West Virginia’s unclaimed property laws protect the public by ensuring money and property owed to them is returned to them, rather than remaining permanently with financial institutions, business associations, governments and other entities. The Treasurer seeks to reunite the unclaimed property, including uncashed paychecks, stocks, or safe deposit box contents, with its owner.
Nationwide, nearly 33 million people in the United States – one in every 10 – are estimated to have unclaimed property available for them to claim.
How Can I Find Unclaimed Property in My Name?
West Virginians searching for lost financial assets can go to www.WVUnclaimedProperty.gov. In addition to finding property, the website will also help you track a claim.
A demonstration of how to use the Unclaimed Property search site is available on the Treasury’s YouTube page, at: https://youtu.be/K09yQ7YNKlE.
To search for lost financial assets outside West Virginia, visit www.MissingMoney.com.