Many Virginians are unaware that they may have money waiting for them through the state’s unclaimed property program. These unclaimed funds, often managed by the Virginia Comptroller’s office, originate from forgotten savings accounts, uncashed checks, insurance payouts, utility deposits, and more. Over time, if financial assets remain untouched and the rightful owner cannot be located, they are turned over to the state as unclaimed funds. Discovering and claiming these funds is a simple process, yet millions of dollars remain unclaimed each year simply because people don’t know they exist.
Understanding the Role of the Virginia Comptroller
What Does the Comptroller Do?
The Virginia Comptroller is responsible for managing the financial integrity of the state. Among many responsibilities, the office oversees the Unclaimed Property Division, which holds abandoned assets until the rightful owner comes forward. This ensures that property is protected and available to claim whenever its owner is identified.
Why Funds Become Unclaimed
Unclaimed funds can come from a variety of sources. Over time, if companies or institutions are unable to contact the property owner due to address changes, death, or simple oversight, those assets are considered abandoned. Businesses are legally required to turn over these assets to the state after a dormancy period, which varies by asset type.
- Uncashed payroll or refund checks
- Inactive bank accounts
- Insurance claim proceeds
- Forgotten utility deposits
- Safe deposit box contents
- Stocks, dividends, or bonds
How to Search for Unclaimed Funds in Virginia
State’s Unclaimed Property Website
To help residents easily find out if they have unclaimed money, the Virginia Comptroller provides an official online portal. Individuals can search by name and view any potential matches. If a match is found, the user can begin the claims process online by submitting the required documents for identity verification.
Information You’ll Need
To streamline the search process, it’s helpful to have the following details ready:
- Full legal name
- Previous addresses in Virginia
- Social Security Number (for verification)
- Proof of relationship to the original owner if claiming on behalf of someone else
Claiming Your Property
If you find that you are entitled to unclaimed funds, the Virginia Comptroller’s site provides step-by-step instructions. Generally, claimants must submit a claim form along with identification and, in some cases, supporting documents such as old bills or account statements. Processing times vary depending on the complexity of the claim, but most are completed within a few weeks.
Types of Unclaimed Property in Virginia
Financial Accounts and Checks
These are the most common types of unclaimed funds. Bank accounts that haven’t been accessed in years or uncashed refund checks can eventually become unclaimed property. Financial institutions must report and transfer these assets to the state after a specific period of inactivity.
Insurance and Payouts
Sometimes insurance benefits go unpaid because beneficiaries are unaware of a policy or the insurer can’t locate them. Life insurance policies, annuities, and other financial instruments can also result in unclaimed property.
Safe Deposit Box Contents
When safe deposit boxes are abandoned, the contents are sent to the state for safekeeping. These might include jewelry, coins, legal documents, or other valuables. While financial items are easier to process, returning tangible property often requires more documentation and time.
Dividends, Stocks, and Bonds
Unclaimed securities are another category of property handled by the Virginia Comptroller. If dividends aren’t cashed or stock certificates are left idle, they too may be transferred to the unclaimed property division. In many cases, these assets are liquidated, and their cash value is held until claimed.
Benefits of the Virginia Unclaimed Funds Program
Security and Accessibility
The state takes every step to ensure that unclaimed funds are kept secure and made easily accessible. By holding property indefinitely, Virginia guarantees that rightful owners can claim their assets whenever they are located or made aware of them.
No Expiration Date
One of the most important aspects of Virginia’s unclaimed property law is that there is no time limit for claiming funds. This means you can claim money even after several decades, as long as you can provide sufficient proof of ownership or legal right to the funds.
Free to Claim
Unlike some private companies that offer to locate unclaimed funds for a fee, the Virginia Comptroller does not charge any money for this service. Claiming your funds is completely free if you go directly through the official state platform.
How to Prevent Your Property from Becoming Unclaimed
Keep Your Information Updated
One of the simplest ways to avoid having funds go unclaimed is by regularly updating your contact details with banks, insurance providers, and other institutions. Make sure to notify companies of any changes in your address, email, or phone number.
Regularly Check Accounts
Don’t leave accounts inactive for long periods. Logging into online accounts or making small transactions can reset the dormancy period and prevent your funds from being transferred to the state.
Respond to Company Notices
Companies are required to send notices before turning over unclaimed property. If you receive any letters or emails regarding old accounts or funds, take them seriously and respond promptly.
Maintain Records
Keep copies of old bank statements, account numbers, and policy documents. These can be crucial when claiming funds later, especially if the original owner is deceased and the claim is being made by an heir.
Claiming on Behalf of a Deceased Person
Heirs and Legal Representatives
If you’re claiming funds for a deceased relative, you may need to provide additional documents such as a death certificate, proof of relationship, and sometimes probate court orders. The Virginia Comptroller’s website outlines the necessary steps and legal requirements in these situations.
Estate Planning Considerations
To prevent future funds from becoming unclaimed, individuals should include account details in wills or trusts. Informing heirs about existing assets and where they’re held ensures that nothing is forgotten or abandoned.
The Virginia Comptroller unclaimed funds program offers residents an opportunity to recover lost or forgotten money easily and securely. By understanding how the system works, regularly checking for unclaimed property, and keeping financial information up to date, individuals can take full advantage of this valuable resource. Whether it’s a forgotten checking account, a misplaced refund, or an insurance payout, claiming what’s rightfully yours is a straightforward process that could result in a pleasant financial surprise. Don’t overlook the possibility that you or someone you know may have funds waiting to be claimed.