The state government of Virginia owes more than $50 million to its residents in the form of unclaimed property proceeds. The state’s Unclaimed Property Division, UCP is responsible to manage all unclaimed proceeds.
Virginia’s state law has reduced the holding period from 17 to 5 years in 1981 for banks and other financial institutions. For courts the holding period was reduced from 7 years to 1 year. Dormancy period varies from property to property. For detailed information on dormancy period, state’s website can be explored.
If you are wondering on the conditions which decide as to why your property has become unclaimed, refer following:
- If there has been no activity in the account till the holding period
- And all attempts of the holding institution to communicate with owner fail
Both the conditions must be met from a holding institutions point of view before they file for unclaimed property with the state.
From a holder’s perspective, if they employ more than 2 employees they should file for unclaimed reports once a year. In case they do not have unclaimed proceeds, filing for a negative unclaimed proceeds is not required in state of Virginia.
Owners in Virginia can claim their property anytime from the state. And the good news is that the state government pays interest to the owners. The interest rate is usually 5 percent lesser than paid by the holding institution. So if you are a potential claimant you have nothing to lose. You can search online or write to the state to check if you are owed. And if you are, you can claim your proceeds for free without any charge whatsoever. Searching online is easy and simple. All you need to enter is your name and city. So why are you still waiting? Claim your hard earned money now!