January 31, 2012
Locate Virginia Lost Money – 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 Virginia. For example, some folks are employed by companies that have their headquarters in VA. Additionally, insurance companies are often based outside of the home state of the insured person. For these reasons, properties like stocks, premium overpayments, and refunds might exist as unclaimed property in VA, even if the rightful owner has never even visited the state!
People who reside in VA should also search the records of other states where there's a chance they are due a claim, for the same reasons that people who do not live in VA should search the Commonwealth's listings.
There are a number of stumbling blocks that often prevent people from locating their abandoned assets, but most of them boil down to the searcher being uninformed about the best way to search. Most people don't just get in their own way by checking the records in only one state, usually the one they live in, but they also tend to search just once and end never search again.
As was mentioned earlier, each kind of VA unclaimed property, and unclaimed property in each of the other 49 states, have their own unique "dormancy periods" (number of years that must pass before the funds are turned over to the state to hold the rightful owner claims them). In addition to many property types having long dormancy periods, states do not update their searchable databases in real time, which means if the state is holding your funds, you may not find a listing when searching, if they have not added it to their system.
If a citizen searches their name on Monday, but the VA Dept. of Unclaimed Funds doesn't get around to adding the listing of their funds until Tuesday, or the next week, month, or year, the search might come up empty.
These are just a few of the hurdles that often get in the way of people trying to locate VA unclaimed money for the first time, which is why it is imperative that you find someone with experience in the missing money field to help you through the process to track down all possible claims.
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