Did you ever wonder what becomes of lost bank accounts and other financial assets whose owners (and relatives of the original owners) can’t be found? The Unclaimed Property Law requires financial institutions and businesses to pass them along to the government after a certain ‘dormancy period’. These monies will remain in the hands of the State Treasury until the true owners come for them. Additionally the law requires states to make efforts in getting the lost money back to their rightful owners. Some states show more progress than others when it comes to this and the state of WV routinely places among the nation’s top 10 in rate of return, according to a recent statement by the State’s Treasury Dept.
Surprised West Virginians all over the state have been getting unclaimed funds checks from financial assets they forgot about at some point in time . In Harrison County, a total of $193,563 has been given back to a handful of residents of the state in less than three weeks - this according to a recent report. In Beckley, a total of $220,000 in West Virginia unclaimed money checks were given out, and an elderly South Charleston woman was given $23,000 worth of United States Savings Bonds that were in her deceased sister’s name. “To receive $23,000 that you basically didn’t know existed is quite nice,” said Anne McConihay. “I had heard things about those bonds through the years but never saw any of them.” said the 84-year-old McConihay who also owned bonds purchased by her father but does not exactly remember what happened to them. “Ms. McConihay’s situation is a perfect example of why states should be given the responsibility of returning these bonds,” noted State Treasurer Perdue. “This money belongs to people, not the federal government. And states already have the systems and expertise in place to complete this mission.”
After getting $117 thousand from the State Treasury Office, Andy Bragg, of Southern West Virginia Paving said, “We were very surprised when the State Treasurer’s office called and told us they might have some unclaimed property that belonged to us.”
Despite efforts of award winning WV State Treasurer John Perdue to reunite forgotten funds that belong to his state’s residents however, there’s still roughly 110 million dollars waiting to be discovered in WV alone.
The WV unclaimed funds total is so large for the same reasons the national unclaimed funds from abandoned cash has amassed to more than $33 billion. According to State Treasurer John Perdue, unclaimed funds can arrive from a variety of sources - mainly because people just plain forgot about them. “They may have a paycheck coming to them that they didn’t realize or some stock their grandparents purchased when they were a child and it was forgotten in a safety deposit box,” Perdue says. “There are all kinds of unclaimed property examples where money was forgotten.”
Whatever the reason, residents of ‘The Mountain State’ should all do an unclaimed funds search in WV and other states. The most convenient and easiest way is to do this on the internet with the aid of a legitimate unclaimed funds professional who can teach you the best methods of doing effective and thorough searches for your unclaimed funds as well as pre-escheat property (lost assets not yet handed over to the state).
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