The state of Virginia is looking to return $400 million!
You may not think of Virginia as a very large state, but it has a large sum of money to return to it’s residents.
During one attempt to return money, a laptop computer was brought to the lobby of Town Center of Virginia Beach and found about every sixth or seventh person had money unclaimed.
What is this money and where does it come from? There are many sources with the most common being a utility deposit not returned, a forgotten checking or savings account, a security deposit from a rental when you did not give a forwarding address, a final payroll check or even an expense reimbursement and an abandoned safe deposit box. There may be many more ways but as stated, these are the most common.
Ultimately these unclaimed items are turned over to the state to locate the owner. If the owner is not located, then the state holds onto the property indefinitely.
In 2005 the state returned $16 Million worth of cash and valuables, leaving hundreds of millions still unclaimed.
The money just doesn’t sit in a vault waiting to be claimed but is placed into the state’s literary fund to build schools and provide education. There is always a reserve held by the Secretary of Treasury. This is reserved for those who come forward to claim the money. There isn’t any statue of limitations on claiming unclaimed money.
To see if you have unclaimed money go to www.CashUnclaimed.com. This company was founded to help match people with their money in all states. You can do a free money search and discover how to claim your money.
