West Virginia State Treasurer Larry Pack called the state’s escalating unclaimed property situation unconscionable, highlighting millions of dollars sitting in state coffers that legally belong to residents. According to the West Virginia State Treasurer’s Office, the division currently holds over $400 million in lost or forgotten funds waiting to be claimed.
Understanding West Virginia Unclaimed Property
Unclaimed property consists of money and financial assets that are considered abandoned or lost after an owner fails to interact with them for a specific period, known as dormancy. According to the National Association of Unclaimed Property Administrators, common types include checking and savings accounts, uncashed checks, customer overpayments, security deposits, contents of safe deposit boxes, and stocks or dividends. Businesses and financial institutions must turn these funds over to the state after a set period of inactivity.
State Treasurer Larry Pack emphasized that the office works continuously to return these assets to their rightful owners or their heirs. Unlike physical property that deteriorates over time, monetary claims in West Virginia never expire. Residents can file a claim at any time without paying a fee.
How to Check for Lost Funds in West Virginia
Searching for unclaimed property requires visiting official state portals rather than third-party sites that charge processing fees. According to the West Virginia State Treasurer’s Office, the official search tool allows individuals and businesses to check records by entering a name or corporate title. Claimants must provide proof of identity and documentation showing a connection to the reported address or asset to successfully retrieve their funds.
Treasury officials urge residents to check the database annually, as companies frequently transfer new batches of abandoned accounts to state custody. Businesses, non-profit organizations, and local government entities should also search the registry, as organizations frequently leave behind forgotten utility deposits or vendor payments.