“Unclaimed property” is money, stocks, bonds, dividends, utility deposits, insurance proceeds, uncashed checks, tangible items and more. It does NOT include real property (land or buildings). Money becomes unclaimed when a Virginia resident loses contact with a company they have business with. For example,
Any person, business or Estate can be owed money. You, your family members, or your business may have missing money. One in four Virginians is missing money. Find out if you're one of them. Here is how the process works.
Once money is labeled as “unclaimed” it must be sent to the Virginia Treasury’s Unclaimed Property Program. The Division of Unclaimed Property’s office keeps it safe until the owner of the money is located. Accounts are held for the rightful owner or heirs forever. You will never be charged a fee to recover money or any other property being held by the Program.
The Unclaimed Property Program protects the rights of the absentee owner, relieves businesses of the liability and record keeping for the account, and ensures that the funds benefit the public. Rather than contacting every company that may owe you money, the Division of Unclaimed Property’s program is the central "lost and found" of unclaimed money owed to Virginians. The Division of Unclaimed Property operates under a Virginia law called the Uniform Disposition of Unclaimed Property Act.
As a division of the Treasury, the Division of Unclaimed Property’s mission is to protect the property interests of citizens through efforts to promote compliance with the Unclaimed Property Act and Escheats Generally Statute and return property to the rightful owner.
While waiting to be claimed, funds are placed in the Literary Fund to finance low cost school loans and other K-12 education projects.
Unclaimed money come from many sources. Much of it – about 10% – is from insurance, e.g. someone had life insurance the heirs don‘t know about, or the policy changed after people moved, and the insurance company didn‘t find them. Most of the money is small amounts from old bank accounts.
Unclaimed Property is any financial asset that has been abandoned by the owner for one or more years. Some examples of property that can become abandoned are:
Treasuries of every state deal with unclaimed property passed on to them by the “property holder” organization. Information here can refer to both properties held by government and non-government organizations, so if the state procedure yields no results it is a good idea to contact the organization directly.
Please, check the ‘Property Holder’ column. Have you ever dealt with the organization listed there? Have you lived in that state?
If you have reason to believe that you are the rightful owner of the property listed here you have to find out if you can claim the property under question, and if it’s worth the effort.
All states maintain free-to-access registries of unclaimed properties.
Virginia Department of the Treasury,
the Division of Unclaimed Property
101 North 14th Street
Richmond, VA 23219
Toll free: 1-800-468-1088
Monday—Friday 8:30 a.m. to 5:00 p.m. EST