January 6, 2012
Find Unclaimed Assets in WV – Part 1 of 2
(Part 1 of 2)
Have you ever wondered what happens to forgotten bank accounts and other financial assets whose owners (or relatives of said owners) cannot be tracked down? The Unclaimed Property Law requires businesses and financial institutions to hand them over to the government after a specific 'dormancy period'. These assets will remain in the care of the State Treasury until the rightful owners claim them. Additionally the law requires states to make efforts in getting the lost money back to their rightful owners. Some states show more progress than others when it comes to this and the state of West Virginia regularly places among the country's top 10 rate of properties returned, according to a recent statement by the State's Treasury Department.
Jubilant West Virginians all across the state have been receiving unclaimed funds checks from financial assets they lost track of over the years . In Harrison County, a total of over $193 thousand has been returned to several residents of the state in fewer than 3 weeks – this according to a recent report. In Beckley, a total of $220,000 in West Virginia unclaimed money checks were handed out, and an elderly South Charleston woman was given $23 thousand worth of United States Savings Bonds that had originally belonged to her now deceased sister. "To receive $23,000 that you basically didn't know existed is quite nice," said Anne McConihay. "I had heard things about those bonds through the years but never saw any of them." stated the 84-year-old McConihay who also owned bonds purchased by her father but doesn't exactly remember what happened to them. "Ms. McConihay's situation is a perfect example of why states should be given the responsibility of returning these bonds," noted State Treasurer Perdue. "This money belongs to people, not the federal government. And states already have the systems and expertise in place to complete this mission."
After getting $117 thousand from the State Treasurer's Office, Andy Bragg, of Southern West Virginia Paving said, "We were very surprised when the State Treasurer's office called and told us they might have some unclaimed property that belonged to us."
(to be continued)
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I just read that the IRS is looking to return more than $150 million in undelivered tax refund checks. Is this a scam? Is there a way to track down lost
Unclaimed money: Woman gets record $6.1 million
Unclaimed money goes to anonymous Kansas City woman for a lost security. The sum is the single largest return of unclaimed money in Missouri's history.
Unclaimed Money: $6.1 Million Payout in Missouri Could be Largest in U.S. History
Someone in Missouri will get very lucky today. That person will be the recipient of the largest unclaimed money award in U.S. history: $6.1 million.The states estimate that one in every 10 people has unclaimed money waiting for them. Sometimes the amounts can be eye-popping. In dusty warehouses in states all across the country lie records detailing $32 billion worth of unclaimed money, just …
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