January 20, 2012
Locate WV Unclaimed Money – Part 1 of 2
(Part 1 of 2)
Did you ever wonder what becomes of lost bank accounts and other financial assets whose owners (and relatives of the original owners) can't be located? The Unclaimed Property Law requires financial institutions and businesses to hand them over to the government after a certain 'dormancy period'. These monies will remain in the care of the State Treasury until the rightful owners claim them. The law also requires states to make efforts in getting the lost money back to their rightful owners. Some states show more efficiency than others when it comes to this and the state of West Virginia routinely places among the country's top 10 in rate of return, according to a recent statement by the State's Treasury Dept.
Jubilant West Virginia Residents all across the state have been receiving unclaimed money checks from financial assets they lost track of over the years . In Harrison County, a total of over $193 thousand has been given back to a handful of residents of the state in less than 3 weeks – this according to a recent report. In Beckley, a total of $220 thousand in West Virginia unclaimed money checks were given out, and an elderly South Charleston woman was given $23,000 worth of U.S. Savings Bonds that were in her deceased sister's name. "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 had also owned bonds purchased by her father but does not 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."
(to be continued)
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Unclaimed Money in Stocks: How to Track it Down
This week, I'm answering questions from readers, because there's an unclaimed money question that keeps coming up again and again. That tells me there's a need, so here goes. Here are two samples of the questions I've gotten:
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