(Part 2 of 2) On top of people who've moved out of state, some people may have never even lived in The state of Virginia. (...)" />

January 5, 2012

Find Missing Money in Virginia – Part 2 of 2

(Part 2 of 2)

On top of people who've moved out of state, some people may have never even lived in The state of Virginia. For example, some people work for companies that have their headquarters in Virginia. Additionally, insurance companies are quite often located outside of the home state of the insured person. For these reasons, things like stocks, premium overpayments, and refunds may exist as unclaimed money in Virginia, even if the true rightful owner has never even visited the state!

People who reside in Virginia should also search the records of other states where there is a chance they are due a claim, for the same reasons that people who don't live in Virginia should search the state's listings.

There are a number of roadblocks that often prevent people from locating their forgotten funds, but they mostly boil down to being uninformed about the proper way to search. Not only do most people get in their own way by searching only one state, usually their home state, but they also tend to search just once and end never search again.

As was mentioned earlier, each type of Virginia unclaimed money, and unclaimed money in all other states, have their own individual "dormancy periods" (years that must pass before the assets are turned over to the state to hold the rightful owner claims them). In addition to some property types having long dormancy periods, states don't update their searchable databases immediately, which means if the state is holding your funds, you might not find a listing when searching, if they have not added it to their online records.

If a resident searches their name on Monday, but the Virginia Dept. of Unclaimed Property didn't get around to adding the listing of their funds until Tuesday, or the next week or month, the search might return a false negative.

These are just a handful of the hurdles that often stand in the way of people trying to locate Virginia unclaimed funds for the first time, which is why it's imperative that you find someone with experience in this field to help you through the process to find all potential claims.

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