Virginia returns nearly $68M in unclaimed property to citizens

The Virginia Department of the Treasury’s Unclaimed Property Program returned more than $67.8 million in unclaimed property to Virginians in fiscal year 2020, representing more than 111,000 asset accounts. Department officials launched new virtual outreach efforts to assist people with filing their claims amid the ongoing COVID-19 pandemic.

“As we continue dealing with the economic impacts of this pandemic, we are getting Virginians the money that is owed to them as quickly and efficiently as possible,” said Governor Ralph Northam. “The millions of dollars returned this year is a testament to the hardworking Treasury staff who are finding new ways to reunite people with their unclaimed assets despite the challenges brought on by the COVID-19 crisis.”

Each year, the Department of the Treasury works to inform Virginians about the Unclaimed Property Program and assist in returning unclaimed assets. In addition to annual newspaper inserts distributed throughout the state, this year Treasury staff members have increased online and social media outreach and are collaborating with a variety of partners including television and radio stations, corporate human resources officers, statewide associations, businesses, community organizations, and schools to hold virtual outreach events that offer remote one-on-one assistance with initiating a search and starting a claim.

More than $912 million has been paid out to Virginians since this program started in 1961. Unclaimed property consists of “abandoned assets or accounts” that are considered dormant due to inactivity. They can 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.

Virginia’s consumer protection law requires businesses to turn unclaimed property over to the state, relieving the business of the financial liability. Virginia holds the property as the custodian until the rightful owner, or heir, files a claim.

“Our mission is to protect the property interests of citizens and return these assets to the rightful owner,” said Secretary of Finance Aubrey Layne. “The new virtual call events allow our staff to continue to assist our citizens while keeping everyone safe during the pandemic.”

Virginians can search the state’s unclaimed property database by visiting VaMoneySearch.org and download a claim form to file a claim.