RICHMOND, Va. — The Virginia Department of the Treasury’s Unclaimed Property Program had a record-breaking year for unclaimed assets returns to Virginians.
Governor Ralph Northam announced on Wednesday that in the fiscal year 2019, $87.1 million was paid out. It represented over 129,900 asset accounts.
It was a 9.5 percent increase over the previous year. The previous record, set in the fiscal year 2018, was $79 million.
“Every year, millions of dollars in assets are turned over to the Treasury Department as unclaimed property and this free service is designed to return money that is owed to Virginians,” said Governor Northam. “I encourage any individual who has lived or worked in our Commonwealth to go online and check whether there are any lost or abandoned items in their name.”
Unclaimed property is “abandoned assets of accounts” which are considered dormant due to inactivity. Over $847 million has been paid out to Virginians since the program started in 1961. Unclaimed property can include utility deposits, customer refunds, unpaid wages, money from insurance policies, securities and investments, bank accounts, and tangible property.
Virginia’s Consumer Protection Law requires businesses to turn the unclaimed property over to the state relieving the business of financial liability. Virginia holds the property as the custodian until the rightful owner or heir files a claim.
Click here to search the Commonwealth's unclaimed property database. Virginians will also be able to download a claim form too. Consumers should be aware there's a fee-based unauthorized or unsolicited offers and make sure you are working with an authorized state representative.