(Part 1 of 2)

The state of Virginia is waiting for citizens to step forward and reclaim their forgotten funds. The state currently sits on top of a pile of VA unclaimed money totaling in the tens of millions of dollars. Over $27 million was returned to Virginians in 2005, and that's only a tiny portion of what is still waiting to be claimed.

Virginia, like every other state, continually takes in more unclaimed money than it returns, mainly due to the fact that most people simply are unaware of these funds, and the few that are aware, usually don't know the correct way to track them down. There is a correct way and an incorrect way to search, and sadly most people have not been taught the proper way.

According to the Unclaimed Property Division of the VA Dept. of the Treasury, VA unclaimed money arrives from a number of different sources, which include (but are certainly not limited to): savings and checking accounts, underlying shares, wages or commissions, credit balances, dividends, customer deposits, credit memos, gift certificates, refunds.

A person doesn't have to currently reside in VA to be owed unclaimed money, especially sense the majority of accounts must be dormant for 1 to 3 years before they are handed over to the state, and the laws dealing with other types do not require that they be handed over for seven, ten, even fifteen years! Moving out of state does not mean that you've forfeited the money by any means.

On top of people who've left the state, some people may not have ever even lived in The state of Virginia. For example, some folks work for companies that have their headquarters in VA. Additionally, insurance companies are often based outside of the state of the insurance policy holder. For these reasons (among others), things like refunds, premium overpayments, and stocks may exist as unclaimed cash in VA, even if the true rightful owner has never even visited the state!

(to be continued)

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This post comes from Brandon Ballenger at partner site

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