(Part 1 of 2)

Did you ever wonder 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 financial institutions and businesses to hand them over to the government after a specific 'dormancy period'. These monies will remain in the care of the State Treasury until the true owners come for 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 WV routinely places among the country's top 10 in rate of return, according to a recent statement by the State's Treasury Department.

Jubilant West Virginia Residents all over the state have been getting unclaimed funds checks from financial assets they forgot about of over the years . In Harrison County, a total of over $193 thousand has been returned to a handful of 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 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 also owned bonds bought 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 $117,000 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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