West Virginia Department of Treasury Story Archives - West Virginia Public Broadcasting

Unclaimed Property Returned at Record Pace in W. Va.

West Virginia Treasurer John Perdue says the state is returning unclaimed property at a record clip.

Perdue says in a news release that the treasurer’s office’s paid out more than $14 million in more than 8,000 claims through March. The record for a fiscal year, which ends in June, is $15.4 million paid out in 2008-09.

Perdue’s office says it plans to publish newspaper inserts over the next three weeks listing about 15,000 names of unclaimed property owners.

Perdue says the spike in claims this year is due to life insurance settlements and reciprocal agreements with unclaimed property offices in other states.

Perdue has returned more than $173 million to property owners since 1997.

W.Va. Unclaimed Property Claims Totaled $1.45 Million in September

The West Virginia State Treasurer’s office said in a news release it paid out $1.45 million in claims last month.

Unclaimed property can include abandoned safety deposit boxes, stock dividends left uncashed or a final paycheck left behind. By law, holders of such assets are required to turn them over to the Treasury.

Field representatives with the Treasurer’s office conduct outreach by tracking down property owners through in-house records, courthouse files and checking other documents.

If you believe you may have unclaimed property owed to you, you can fill out a claim by contacting the state treasury office. Go to www.wvtreasury.com to file an e-claim or call 1-800-642-8687 for additional information.

In addition to staff generated outreach and e-claims, people and businesses may also submit paper claims and phone claims individually, by find their names online or through a printed newspaper insert.

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.