West Virginia Unclaimed Property Guide
Unclaimed property can include utility deposits, unredeemed stock, checks that have never been cashed, and the contents of safe deposit boxes. These assets become unclaimed when the owner cannot be found after the period known as the dormancy period.
The Treasurer’s Office is preparing to send letters next week informing some West Virginia residents they should receive unclaimed property checks this fall – without the need to file a claim. Many West Virginians may not realize they have unclaimed property. Whether it be money from an old utility bill, a tax refund, or even mineral rights, these funds are sitting in government offices waiting to be claimed. The state treasurer’s office recently launched a program to help reunite property owners with their missing money called “West Virginia Cash Now.” This new effort follows the passage of House Bill 4511, an unclaimed property modernization bill that the treasurer introduced in 2022.
West Virginia’s unclaimed property law requires holders to report and remit lost or abandoned property to the state each year. The treasurer’s office holds the property until the apparent owner or their heirs come forward to claim it. In addition to reporting yearly, West Virginia has specific guidelines for dormancy periods for each property type. For example, traveler’s checks are abandoned 15 years after issuance, and money orders are presumed to be abandoned seven years after issuance. The state also has specific guidelines for safe deposit boxes, limiting reimbursement to the holder for opening and storage costs to $150.
How to Claim Abandoned Property in West Virginia?
A person can find out if they have unclaimed property by searching various government databases. The types of funds that may be reclaimed include back wages from previous employers, pensions managed by the Pension Benefit Guaranty Corporation, investment funds in bank or other financial accounts, court awards and refunds, life insurance policy funds, and more. The money is typically not taxed while it is unclaimed, but once reclaimed, the amount may be considered taxable income.
A person can also check with the local office of their state treasurer. Many states have websites where individuals can search for unclaimed property that is owed to them. Individuals can search for a first name, last name, or both in the database to see if they are owed any money. Other types of unclaimed property that can be found include forgotten utility deposits, uncashed stock dividends, and the contents of safe deposit boxes. Usually, once an account has been inactive for a certain period of time (three years or more in most cases), it is declared abandoned and handed over to the state’s unclaimed property program.
Find Your Unclaimed Property: West Virginia
The West Virginia Treasurer’s office launched a new system in 2020 to help people find their lost property. The site is called “Find Your Unclaimed Property,” and it offers some helpful tips to help you get started. The website also allows you to share your results with friends and family.
The website is free to use and will not sell your information to third parties. However, it is important to note that some sites may charge a fee for their services. It is always best to check with the State Treasurer’s office before using these types of services. In addition, the state does not work with heir-finders or other fee-based companies. This is because the state values its residents’ privacy.
