Virginia has new unclaimed property program

(Mark Lennihan | AP)
Published: Oct. 6, 2022 at 4:27 PM EDT
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RICHMOND, Va. (WDBJ) - The Virginia Department of the Treasury Unclaimed Property Division has launched its new KAPS program and website to manage the administration, reporting and claiming of unclaimed property, according to Governor Glenn Youngkin, who says, “This new user-friendly website makes it easier for citizens to identify and more quickly claim their unclaimed property.”

“The Commonwealth’s new website and system streamline the claims process, which allows us to expedite the return of unclaimed funds to the rightful owners,” said Governor Youngkin.

Virginia’s consumer protection law requires businesses to turn unclaimed property over to the state, relieving the business of the financial liability. Virginia holds unclaimed property as the custodian until the rightful owner, or heir, files a claim, according to a release from the governor’s office. Unclaimed property can be dormant or inactive accounts such as securities or investments, bank accounts, unpaid wages, money from insurance policies, tangible property, etc. Since this program was created in 1961, more than $1 billion in unclaimed property has been returned to residents.

“Our mission is to protect the property of our citizens and return these assets to the rightful owner,” said Secretary of Finance Stephen Cummings. “This public service comes at no cost to citizens and returns millions each year to our citizens.”

“One in four Virginians has unclaimed property, so we encourage all Virginians to search our free website for their unclaimed property,” said Virginia Treasurer David Richardson. “There is no deadline, and no fees will be charged to claim your property.”