Get Your Unclaimed Money in Virginia With the Help of DoNotPay
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 web browser
- 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 web browser and let us help you with these issues as well:
- Canceling subscriptions or memberships
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- Finding unclaimed funds under your name