Each year, the Virginia Treasury's Division of Unclaimed Property tries to give more money back to the people than it did the year prior. WMRA's Randi B. Hagi reports.
Most state treasuries have an unclaimed property division, thanks to a consumer protection law from the 1960's. Basically, this government agency –
DIANA SHABAN: … acts as a centralized lost-and-found for our citizens.
Diana Shaban is the PR & marketing manager for Virginia's program.
SHABAN: So it can be dormant or inactive bank accounts, uncashed checks, refunds or rebates that you never received. It can be insurance policy proceeds. … We also see a lot of minor accounts, where parents or grandparents have opened up accounts for individuals when they were children, and then just did not keep track of those accounts.
Each industry has their own timeline for when they consider these accounts dormant and have to turn them over to the unclaimed property department. Unclaimed Property legally has to hold that money forever, until the rightful owner or their heir comes forward.
SHABAN: So each year, we kind of compete with our numbers from the previous years. … Two years ago we returned $56 million. Last year, last fiscal year it was $68 million, and this fiscal year, you know, we're on track to also supersede that number as well.
To look for your unclaimed property, visit vamoneysearch.gov. If you find something – like the couple bucks I had sitting around from an old car insurance policy – you can fill out a quick, free form to submit your claim. To search other states, Shaban said to visit missingmoney.com.
