February 3, 2012
Locate West Virginia Unclaimed Funds – Part 1 of 2
(Part 1 of 2)
Have you ever wondered what becomes of abandoned 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 then remain in the care of the State Treasury until the rightful owners come for them. The law also requires states to make efforts in reuniting the lost money with their rightful owners. Some states show more progress than others when it comes to this and the state of West Virginia routinely places among the nation's top 10 rate of properties returned, according to a recent press release by the State's Treasury Dept.
Surprised West Virginians all across the state have been getting unclaimed money checks from financial assets they forgot about at some point in time . In Harrison County, a total of $193,563 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 thousand in West Virginia unclaimed money checks were given out, and a South Charleston senior citizen was given $23,000 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." said the 84-year-old McConihay who also owned bonds bought by her father but does not exactly recall 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."
Despite efforts of award winning West Virginia State Treasurer John Perdue to reunite forgotten funds that belong to his state's residents however, there is still roughly 110 million dollars waiting to be found in West Virginia alone.
(to be continued)
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Mass. treasurer says
For local municipalities, it’s the equivalent of finding
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