Second-Highest Monthly Amount Returned in State History
State Treasurer Riley Moore today announced his Office’s Unclaimed Property Division returned nearly $4.7 million in funds to individuals, businesses and other organizations during the month of September – the second-highest monthly amount returned in the program’s history.
“We’re proud to continue returning money to its rightful owners at a historically high pace,” Treasurer Moore said. “Through the launch of our West Virginia Cash Now program and our aggressive marketing and outreach efforts, we’re able to reconnect people with their lost funds better and faster than ever.”
The Unclaimed Property Division returned a total of $4,675,700 during the month of September. The bulk of that came through the 3,314 claims totaling $3,762,666 paid through the second round of the West Virginia Cash Now program. An additional 1,431 regular claims totaling $913,034 were also paid out during the month.
West Virginia Cash Now launched last year as a new, automated system for sending unclaimed property to its rightful owners – without the need for those individuals to file paperwork with the State Treasurer’s Office.
The Treasurer’s Office mailed letters to potential recipients in July to notify them they should be receiving a check through the program. Treasurer Moore encouraged residents to go through any unopened mail they received over the past month to check for envelopes they might have received from the Office.
“We don’t want your unclaimed property check to become unclaimed property again,” Treasurer Moore said. “If you received an envelope from our Office, I encourage you to open it and cash the check that’s inside because it’s 100-percent real and rightfully yours.”
While the Office has been returning funds at a record pace, it’s also receiving new listings at a record pace as well. Due to legislative reforms and increased communication and outreach efforts with potential unclaimed property holders, the Office now has more than $400 million in unclaimed property listings in its database.
Treasurer Moore encouraged everyone to bookmark and continually visit the program’s website, www.wvunclaimedproperty.gov, to check and see if the Office is holding any funds for you.
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.