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The U.S. holds around $58 billion in unclaimed money. It seems that almost every American citizen has some forgotten cash in the government’s custody. A company or a financial institution often cannot contact the owners due to a lack of current address or miscommunication, so many people are not even aware that they are owed money.
The state of Virginia currently holds over $2.5 billion in unclaimed funds. Some of that money might be yours! If you believe you are entitled to some life insurance from a deceased relative or have maybe forgotten to pick up your last paycheck, the matter is worth looking into.
You can track down and find your money in a variety of ways, and we are happy to present some of the most practical ones.
What Qualifies as Unclaimed Money in Virginia?
In Virginia, every property that the owner has not claimed for more than 5 years is presumed to be abandoned. The dormancy period can differ depending on the type of unclaimed asset but usually lasts from three to five years.
The company is responsible for trying to contact the presumed owner and inform them of their unclaimed funds. If the owner fails to claim it during that time, the financial institution or a company has an obligation to turn it over to the state.
After that, it is up to every individual to check if they have some unclaimed funds under their name and take the necessary steps to recover them.
What Are the Types of Unclaimed Money in Virginia?
How can somebody not know that they have unclaimed money lying around? The answer is simple. People are sometimes unaware of what constitutes unclaimed money, so they don’t realize they should be looking for it.
Here is a table of the most common types of unclaimed funds, as well as their dormancy periods in Virginia:
|Type of Property||Considered Abandoned After|
|Bank accounts||Five years|
|Property held by court or public agencies||One year|
|Gift cards and certificates||Five years|
|Life insurance policies||Five years|
|Checks or drafts||Five years|
|Safe deposit boxes||Five years|
|Traveler’s checks||15 years|
|Salaries or wages||Five years|
|Proceeds from class-action suits||No specific provision|
Why Does Money Get Lost in Virginia?
Almost every other person succeeds in locating and reclaiming money from the government. The question is—how does so much money get lost in the first place?
The reasons for that are various:
- A person moves and doesn’t update their current address
- People die and don’t name the beneficiaries of their will, so the heirs are hard to locate
- A bank goes under, and many people fail to retrieve their funds
- People leave the company and don’t reclaim their last paycheck
- Someone’s bank account becomes dormant because it was inactive for years
- Heirs fail to collect life insurance from a deceased relative
- Tenants leave and don’t take their security deposit money
The good news is—there is no time limit for reclaiming your money back from the government. All you have to do is be proactive and start the search yourself because after the dormancy period passes, the Treasury Department is no longer obliged to inform you of your unclaimed property.
How To Be Safe From Unclaimed Money Scams in Virginia
Scams related to the unclaimed money phenomenon are something you should be aware of. There are certified ways of claiming your money, and you should not deviate from them. Some of the most important indicators that you may be a target of a scam are:
- Somebody sending a text or an email pretending that they are a Treasury Department official
- A person asking for your personal information, such as your name, bank details, or Social Security number
- Someone requesting a fee to be able to find the money on your behalf
It is advisable to claim your money, either through the Treasury Department’s official website or by using DoNotPay. That way, you will be at no risk of identity theft or any other type of fraud.
How To Find Unclaimed Money in Virginia by Yourself
One way of claiming money in Virginia is by contacting the Department of Treasury, Unclaimed Property Division. MoneySearch is the official government website for tracking down unclaimed funds. Here is a step-by-step guide:
- Open MoneySearch
- Click on the Just Search button. If you want to be able to log in again in the future or avoid losing the search results, you should register
- You will have three search options to choose from: Search For Yourself, Search For the Deceased, or Search For a Business. Click on one option
- Type in your first, middle, and last name. Click on Go
- Confirm whether you have used other names before (for example, before marriage)
- You can type in your Social Security number to narrow down the search, but you don’t have to. Click on the Search button
- Click on the state where you have lived before and provide the address
- If there is a match, you will be instructed on what documents to prepare and information to provide to be able to file a claim
- The Treasury Department checks your documentation to make sure that the property they found belongs to you
- If the claim is approved, you will receive a check for your funds or instruction on how to acquire your property
If you don’t have an internet connection, you can dial 1-800-468-1088, choose option 1, and then option 2 to request the Inquiry Form.
In case you need to speak to someone at the Unclaimed Property Division, you will need to make an appointment first. You can do that by calling 1-800-468-1088.
DoNotPay Knows the Way! Find Your Unclaimed Money in Virginia Fast!
DoNotPay can help you claim your money in a hassle-free way! Our great advantage is the possibility of combing through all federal and state databases in search of your missing funds. The process is easy, practical, and consists of a few simple steps:
- Open DoNotPay in your
- Access the Missing Money feature
- Type in your full name and previous addresses to narrow down your search
DoNotPay notifies you in case there is a match, and you are entitled to unclaimed funds. Then you can use the Claim My Property feature. DoNotPay will take the load off your back and even file the claim on your behalf!
Let DoNotPay Help You in Other Ways!
Want to know how to dispute parking tickets in Richmond, VA, the easiest way? DoNotPay can help! Interested to know how to get a Nova Refund without too much trouble? We will provide the necessary information. If you or your loved one are being harassed at work, DoNotPay will educate you on harassment laws in VA and help you fight back!
Open DoNotPay in your and let us help you with these issues as well:
- Canceling subscriptions or memberships
- Disputing traffic tickets
- Jumping the phone queue when getting in touch with customer service reps
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- Filing warranty claims
- Suing people and companies in small claims court
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- Signing up for clinical trials
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- Blocking text spam
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- Finding unclaimed funds under your name
For the fastest service, you are encouraged to use our vaMoneySearch.gov website and search for property using the Click and Claim searchable database. We may also be reached via email with your questions and concerns regarding your claim or general unclaimed property at firstname.lastname@example.org.What is the best free website to find unclaimed money? ›
www.unclaimed.org is the website of the National Association of Unclaimed Property Administrators. This is a legitimate site created by state officials to help people search for funds that may belong to you or your relatives. Searches are free.How do I find my hidden money? ›
- Treasury Hunt: Unclaimed U.S. Securities and Payments.
- HUD/FHA Mortgage Insurance Refunds.
- Credit Union Unclaimed Shares.
- National Association of Unclaimed Property Administrators. ...
- U.S. Courts: Unclaimed Funds in Bankruptcy.
Unclaimed money held by a state may be from bank accounts, insurance policies, or the state government. Search for unclaimed money from your state's unclaimed property office. If you have lived in other states, check their unclaimed property offices, too.How long does Virginia hold unclaimed property? ›
Most property types in Virginia have a dormancy period of five years. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.How long does it take to receive unclaimed money in Virginia? ›
Unclaimed property for deceased relatives can also be claimed by individuals by submitting official documents like death certificates, probated wills or a list of heirs, depending on the circumstance. That process could take around six weeks, especially for larger amounts of money.How do you find money someone left you? ›
Searching for unclaimed money
The best place to begin your search is www.Unclaimed.org, the website of the National Association of Unclaimed Property Administrators (NAUPA). This free website contains information about unclaimed property held by each state.
The NAUPA website is the best place to start because it provides links to all of the state unclaimed property databases in the US. You can search the database for each state that you have lived in to see if you have any lost money. Search your state insurance department's database.Which website would you most likely visit in order to collect unclaimed money or property in the state of Texas? ›
How do I search for unclaimed property? Business and individuals can search for their unclaimed property at ClaimItTexas.gov.What is the easiest way to find money? ›
- Become a rideshare driver. ...
- Make deliveries. ...
- Help others with simple, everyday tasks. ...
- Pet sit. ...
- Sell clothes and accessories online. ...
- Sell unused gift cards. ...
- Earn a bank bonus. ...
- Take surveys.
LookTel Money Reader instantly recognizes currency and speaks the denomination, enabling people experiencing visual impairments or blindness to quickly and easily identify and count bills. Point the camera of your iOS device at a bill and the application will tell you the denomination in real-time.Is it illegal to find money and not turn it in? ›
California law says that if you find lost property (not limited to just cash), you must first make “reasonable and just efforts to find the owner and to restore the property to him” before you can keep the money for yourself. If you fail to do so, you have technically committed theft.How can I find money without working? ›
- Sell Your Plasma. Selling plasma can be an easy way to make extra money without a job or without doing any real work. ...
- Sell Your Clutter. ...
- Get Paid To Do Market Research. ...
- Earn Cash Back. ...
- Start a Blog. ...
- Invest in Real Estate. ...
- Childcare, Senior Care, and Pet Care. ...
- Invest in Dividend Stocks.
Check parking lots and bleachers.
It's amazing what people will drop when they are drunk, tired, and distracted. Whenever you need to go to a store, park far from the store, so you can search for money on the ground as you walk. Pay extra attention to self-pay parking lots and drive-throughs.
“This public service comes at no cost to citizens and returns millions each year to our citizens.” “One in four Virginians has unclaimed property, so we encourage all Virginians to search our free website for their unclaimed property,” said Virginia Treasurer David Richardson.What is the lost and found law in Virginia? ›
The Code of Virginia states that any tangible property found to be mislaid is not considered to be officially abandoned unless it remains unclaimed for five years.Does the IRS owe me money? ›
You can visit the IRS website or call 1-800-TAX FORM (800-829-3676) to get your tax returns for previous years. Claiming your refund could be as easy as filing returns for the last three years if you've overlooked a refund or if you qualified for the earned income credit but didn't claim it.What is due diligence on unclaimed property in Virginia? ›
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $100, written notice must be sent to the owners last known address at least 60 days before the unclaimed property report is filed.