Virginians Claim $87.1M In Forgotten Assets: Are You Owed Money?

FAIRFAX CITY, VA — Virginia is holding on to millions of dollars in unclaimed money, with one in four Virginians unaware that the state has cash or property that rightfully belongs to them. In the 2019 fiscal year, about $87.1 million in unclaimed assets was returned to Virginians, setting a record, according to a news release. The Virginia Department of the Treasury's unclaimed property program said the dollar figure returned is a 9.5 percent increase from the previous record-setting fiscal year in 2018, which was $79 million.

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.

“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 Gov. Ralph Northam in a news release. “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.”

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 $847 million has been paid out to Virginians.

Virginians can visit the free site www.vaMoneySearch.org to search the Commonwealth’s unclaimed property database and download a claim form.