Tag: Treasurer John Perdue

Unclaimed Property Returns Increase to $9 Million

The state treasurer’s office returned $9 million in unclaimed property to West Virginians last fiscal year.

Treasurer John Perdue says that’s higher than previous years. The Charleston Daily Mail reports that Perdue attributes the increase to a database that tracks down property owners.

Examples of unclaimed property include forgotten utility deposits, a final paycheck from an employer or safety deposit box contents.

To search for unclaimed property, West Virginia residents can go to go towww.wvtreasury.com and click on the unclaimed property icon. A partial list of rightful owners is also published and inserted in newspapers twice a year.

Supreme Court: Insurers Must Turn Over Policies of Deceased

 The West Virginia Supreme Court has ruled that life insurance companies have a responsibility to determine whether a policy holder has died and then turn over their policy as unclaimed property.

The Charleston Gazette reports that the justices made the unanimous ruling on Tuesday, siding with Treasurer John Perdue.

The ruling overturns a decision made by Putnam County Circuit Judge Joseph Reeder that said the insurances companies weren’t required to act unless a claim is filed. Perdue had filed suit against 63 insurance companies in the county.

Anthony Majestro, an attorney representing the state on the case, says the ruling means that insurance companies can no longer turn a blind eye and continue earning interest on a deceased policy holder’s money.

Unclaimed Property Auction Includes Rare Penny

West Virginia’s latest unclaimed property auction features a rare penny that Treasurer John Perdue expects will draw attention from coin collectors.

The 1909-S VDB penny is among a variety of items that will be offered for sale. The penny is ranked 14th in the second edition of “100 Greatest U.S. Coins.” Its appraised value is $500.

Karen Plunk with Lone Star Auctioneers says in a release from Perdue’s office that the coin is the most famous Lincoln penny that can still be found.

Lone Star will conduct the auction for Perdue’s office from June 3 to June 18.

Perdue says all items to be sold come either from safe deposit boxes or law enforcement seizures.

W.Va. Treasurer Irked by Governor Tapping Unclaimed Property Cash

  State Treasurer John Perdue is criticizing Gov. Earl Ray Tomblin for banking on $15 million from an unclaimed property account to balance the next budget.

The Charleston Gazette reports Perdue thinks the move would make it difficult to pay claims to unclaimed property owners or survivors within 90 days, as required by law.

The $21.5 million fund includes various liquidated assets, like sold unclaimed stock and mutual funds, and insurance company payments for unclaimed benefits.

Perdue said Tomblin used $6 million from the account this budget.

Unclaimed property ranges from dormant bank accounts to jewelry in abandoned safe deposit boxes.

Tomblin spokesman Chris Stadelman told The Associated Press that agencies were asked to operate with less money, and this program is no exception. He said the transfer is normal.

 

W.Va. Treasurer Helps Localities Manage Finances

  An online billing program offered by the West Virginia Treasurer’s Office is making it easier for local governments to manage their finances.

Treasurer John Perdue says the LGov program helps local governments process their bills. He tells the Charleston Gazette that the program reduces paperwork and gets money into the system faster.

Users of LGov typically make payments through a website maintained by the local government or other entity, such as a public service district. The payments are routed through the treasurer’s office’s secure computer portals, and then deposited into a Board of Treasury Investments account.

During the 2014 fiscal year, the treasurer’s office processed more than $3 million in electronic receipts from 11 different government bodies. That’s up about $1 million from the previous fiscal year.

Treasurer Puts Treasure Up For Bid

A trio of coins is stirring some interest in the West Virginia treasurer’s office online auction of unclaimed property.

The U.S. Liberty coin set has attracted five bids in less than 24 hours, which Treasurer John Perdue says is an unusual amount of activity.

The set includes a dollar coin, a $5 gold piece and a half dollar. The bidding was approaching $500 on Thursday for the coins, which were minted in the 1800s.

A couple other items are also generating high bids. Both are surveying lasers, and each opened with high bids. One bid was $325, the other $475. Perdue’s office says those are steals, when compared to retail prices.

The auction continues through Jan. 30. To place a bid, go to www.WestVirginiaUnclaimedProperty.org.

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