Does Virginia Owe You Money In 2022: How To Check

VIRGINIA — From business refunds to insurance payouts, money that's rightfully yours could be sitting in government accounts, but it's up to you to claim your property. The state of Virginia holds on to millions of dollars until it is claimed by the rightful owner or that person's heirs.

In the 2019 fiscal year, about $87.1 million in unclaimed assets was returned to Virginians, according to the Virginia Department of the Treasury. The $87.1 million returned to residents of the Commonwealth represented 129,900 asset accounts. Unclaimed property is considered to be abandoned assets of accounts considered dormant due to inactivity.

The money held by the state can include utility deposits, customer refunds, unpaid wages, money from insurance policies, securities and investments, bank accounts and tangible property.

As of Aug. 1, the state moved to a new website. www.vamoneysearch.gov, which allows residents a more user-friendly way to search and claim their unclaimed property, said the Virginia Department of the Treasury.

The site lets you search for money owed to an individual, to an estate, or to a business.

This free search site also allows people to claim without having to mail any documentation. If anything is requested, they can upload it to a secure portal immediately from the website.

If you are unable to access the internet, you may request an Inquiry Form by calling 1-800-468-1088.

The unclaimed property the state keeps an eye on includes stocks, bonds, savings accounts, security deposits, contents of safe deposit boxes, insurance proceeds and other valuables which are reported to the state as unclaimed by banks and other financial institutions after three years. Real property is not included, according to the comptroller's website.

Virginia's Consumer Protection Law requires businesses to turn unclaimed property over to the state relieving the business of the financial liability. The state holds the property as the custodian until the rightful owner, or heir, files a claim.

Since its inception in 1961, more than $1 billion has been paid out to Virginians.

The treasury team attempts to locate owners through multiple initiatives, including attending events held for seniors, churches, local community, and corporate to search and start the claim process on site. During the pandemic, staffers held virtual call events to various groups.

In fiscal year 2022, the department held 21 virtual call events, finding over $1.8 million
for thousands of callers. Any organization can schedule a call event for their group.

The U.S. government lacks a central website to find unclaimed funds. To search for unclaimed money that may be lying in a different state's treasury, check this list of treasurer's offices.

If you don't have money lying in the state treasury, the government also suggests checking for unclaimed funds from bank failures or unclaimed deposits from credit union closures. You could also check for unclaimed or undelivered tax refunds or a refund from an FHA-insured mortgage.

Finally, you can check for unclaimed back wages, pension money or life insurance funds. Here is how to find out how to search for these unclaimed funds.