When a business cannot find a person or other business that is owed money -- a refund, an insurance benefit, or a final paycheck, for example, -- they must turn it over to the state's treasury department. The Virginia State Treasury's Unclaimed Property program will then hold it until the owner can be found.
The Code of Virginia Uniform Disposition of Unclaimed Property Act says that property becomes unclaimed when the holder has not had contact with the owner of the property for a specified period of time. Vicki Bridgeman, the Unclaimed Property Program Director, says the state is holding not millions but billions of dollars in unclaimed property:
"The state is holding over $2.5 billion dollars and that goes back to when the law was enacted in January of 1961."
The money never becomes part of the general fund and is always held in perpetuity for the owner or the owner's heirs.
Bridgeman says that is usually money but not always:
"Unclaimed property consists of primarily money. It is personal tangible and intangible property. It covers like bank accounts, utility deposits, uncashed checks of any kind--such as payroll, refund or credit balances--it covers stocks and dividends."
It also covers tangible items such as the contents of safe deposit boxes.
It is estimated that one in four Virginians is owed missing money. To connect the money to the owner the state treasury operates a website called VA Money Search dot org:
"You would put in the information. You don't have to register up front. If you do find property you do have to register to get a claim form. You can search for an individual, a deceased person, or a business. "
If money is believed to be found then the site will ask several questions to prescreen a possible match then a claim form is generated to download and complete.
Bridgeman says the state has so much more unclaimed property coming in than going out the treasury is…" currently in the process of a list around the state in newspapers, so you could look at that list and find your name. But, that's only property that has been received this year and only for $100 or more."
In fiscal year 2016 Virginia returned $41-million to individuals and businesses. Bridgeman says the average claim was about $1500.
You can search for money at VA Money Search