Virginia pays out record $79 million in unclaimed property to citizens

The Virginia Department of the Treasury’s Unclaimed Property Program returned a record $79 million in property to owners during the 2018 fiscal year, $16.6 million more than the previous highest return in 2015. More than 139,000 asset accounts were paid out during the 2018 fiscal year, representing a 77-percent increase from the previous fiscal year.

State officials encourage any citizen who has had a Virginia address to check the free search site for unclaimed property in their name – www.vamoneysearch.org.

“The primary mission of this important consumer protection law is to protect citizens’ property rights by returning property to the rightful owners,” said Virginia Gov. Ralph Northam. “I am proud that our efforts on behalf of Virginia citizens have resulted in the largest amount the department has returned to beneficiaries in its history.”

More than $760 million has been paid out to Virginians since the program started in 1961. Unclaimed property can be generated in nearly every business or financial transaction with any type of organization. This may include utility deposits, customer refunds, unpaid wages, money from insurance policies, securities and investments, bank accounts and tangible property. Property becomes unclaimed when the holder company has not had contact with the owner of the property for a specified period of time.

“I encourage every Virginia citizen to check for any unclaimed property at least once a year," said Secretary of Finance Aubrey Layne. "Claim forms can be downloaded immediately and submitted to the Treasury,”

There is no statute of limitations for collecting unclaimed property.