Nearly $3.3 Million in Unclaimed Property Slated to be Returned This Fall
State Treasurer Riley Moore is encouraging West Virginians to be on the lookout for letters that will be mailed next week notifying certain residents they will receive an unclaimed property check from the Treasurer’s Office this fall.
The letters are part of the Office’s annual “West Virginia Cash Now” program, which automatically sends unclaimed property checks to verifiable residents without the need to go through the regular claim paperwork process.
“Now in its third year, the West Virginia Cash Now program has helped us return roughly $7 million worth of unclaimed property to our citizens without the need to file paperwork with our Office,” Treasurer Moore said. “This tremendously successful program is one of the many ways we have modernized the State Treasurer’s Office to better serve the people of our State.”
West Virginia Cash Now launched in 2022 following passage of House Bill 4511, an unclaimed property modernization bill Treasurer Moore proposed to lawmakers. Among its many provisions, the bill created a more automated approach to claims processing which now allows many West Virginians to be reunited with their missing money automatically – no paperwork required.
Through the West Virginia Cash Now program, the Office’s Unclaimed Property Division can quickly issue checks to residents who already have addresses and contact information that are readily verifiable in legal databases. The Cash Now program this year targets the most common types of claims: Individual property owners with claim amounts ranging from $500 to less than $5,000.
The Unclaimed Property Division is preparing to send 2,697 notification letters next week, representing nearly $3.3 million worth of unclaimed property claims. The letters will inform residents they will be receiving checks for their unclaimed properties in October.
Treasurer Moore emphasized that once you receive the letter, you simply have to wait for your check to be mailed in October – you do not have to file a claim with the State Treasurer’s Office.
In addition to verifying the address of the individual, the letters serve to inform people this program is legitimate and not a scam.
“One of the biggest challenges we face with this program is that some people think it’s just too good to be true – they can’t believe someone from the government wants to give them money instead of take it,” Treasurer Moore said. “That’s why we go out of our way to reassure them this is real, this is their money, and it’s their right to cash that check.”
More information about the program is available at www.WVUnclaimedProperty.gov. Recipients can also call (800) 642-8687 or email WVCashNow@wvsto.gov if they have questions. Each letter will have a specific Claim ID number listed, and recipients are asked to reference that number when contacting the Office.
While the Cash Now program created a new automated process for certain claims, it does not apply to all claims. Businesses, government entities, estate claims and securities are not covered by the program because additional documentation is required to verify the owner. Individuals with claims of $5,000 or more will also still have to file paperwork with the Office to receive their claim.
The State Treasurer’s Office currently has nearly $440 million worth of unclaimed property listings in its database. To learn more about the unclaimed property program and to search its database, visit www.WVUnclaimedProperty.gov.
What is Unclaimed Property?
Unclaimed property can include financial accounts or items of value in which the owner has not initiated any activity for one year or longer. Common examples include unpaid life insurance benefits, forgotten bank accounts and unused rebate cards. (While the title includes the word “property,” it does not however include real estate.)
West Virginia’s unclaimed property laws protect the public by ensuring money and property owed to them is returned to them, rather than remaining permanently with financial institutions, business associations, governments and other entities. The Treasurer seeks to reunite the unclaimed property, including uncashed paychecks, stocks, or safe deposit box contents, with its owner.
Nationwide, nearly 33 million people in the United States – one in every 10 – are estimated to have unclaimed property available for them to claim.
How Can I Find Unclaimed Property in My Name?
West Virginians searching for lost financial assets can go to www.WVUnclaimedProperty.gov. In addition to finding property, the website will also help you track a claim.
A demonstration of how to use the Unclaimed Property search site is available on the Treasury’s YouTube page, at: https://youtu.be/K09yQ7YNKlE.
To search for lost financial assets outside West Virginia, visit www.MissingMoney.com.