Follows Record Returns During Prior Fiscal Year
CHARLESTON, W.Va. – State Treasurer Riley Moore today announced his Office’s Unclaimed Property Division returned more than $1 million worth of unclaimed property payments to individuals, businesses and government entities during the month of July.
“With inflation soaring above 9 percent, people can’t afford to leave cash on the sidelines,” Treasurer Moore said. “That’s why we encourage everyone to visit www.wvtreasury.com to see if we’re holding any unclaimed money for you.”
The Unclaimed Property Division returned $1,044,697 worth of unclaimed property last month, with 1,165 total claims paid out through the Office. That follows a record-breaking amount returned during the prior fiscal year. The Office returned $18.6 million during the fiscal year that ended June 30.
Treasurer Moore said his Unclaimed Property Division has more than 3 million listings valued at more than $300 million. The Office is also continually looking at new, innovative ways to both raise awareness of this program and reconnect people with their lost assets.
He recently announced a new “West Virginia Cash Now” program that will automatically send checks to individuals whose identities and addresses can be verified in existing legal databases – without the need to file a claim with the Office.
The program covers individual claims valued between $100 and $5,000. The Office has already started to send letters notifying individuals they will be receiving funds through the program, with checks totaling nearly $4.6 million expected to be delivered later in the fall.
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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.wvtreasury.com, then click on the large Unclaimed Property “Search” button to the right of the page under the heading, “Are We Holding Your Money?” In addition to finding property, the www.wvtreasury.com 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.