$2.5M in unclaimed money heading to Virginians this week
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
The state is mailing roughly $2.5 million in unclaimed money to Virginians this week.
Why it matters: Some of that money could be yours.
The big picture: The Virginia Department of Treasury's Unclaimed Property Division is doling out checks for everything from funds in lost or misplaced bank accounts and unpaid wages to uncashed checks, utility deposits, refunds or insurance policy proceeds.
Between the lines: The department has always collected and held this money for residents, but previously, one had to file a claim with the state to get it back.
- Under a new law, Virginia is automatically returning the money to its "rightful owners."
Catch up quick: This year, the General Assembly passed legislation creating the VA Cash Now program, which requires the state to automatically return unclaimed funds valued up to $5,000.
- The law went into effect when Gov. Youngkin signed it in March.
- Since then, the Treasury has been mailing notices to Virginians that they have money coming, Bradley Earl, director of the Unclaimed Property Division, tells Axios. The first batch of letters went out May 1, and they've been sending more every Thursday since then.
- The first round of checks goes out this week.
By the numbers: More than 10,000 unclaimed property notices have been sent since May 1, reports WTKR News, whose investigation into issues with the previous process led to the new law.
Fun fact: You don't have to wait for a letter to see if you're owed money. You can check for yourself at vamoneysearch.gov.