RICHMOND, Va. — Checks from the Virginia Department of Treasury containing people's unclaimed property will soon be arriving in mailboxes throughout the commonwealth, while thousands of notices continue to be sent out, Treasurer David Richardson tells WTKR News 3.
A WTKR News 3 Investigation sparked major change, via the new CASH NOW ACT, in how unclaimed property — defined as money, stocks, bonds, dividends, utility deposits, insurance proceeds, and tangible property — is handled in the state.
Since May 1, Richardson says more than 10,000 notices have been sent to people who are owed money.
Watch: Nonprofit learns their owed $25k in unclaimed property
The first 2,000 notices were mailed on May 1, and an additional 2,000 notices have been sent every Thursday since then, for a total of 10,000 notices, as of May 29, Richardson says.
"We expect to continue this cadence into the future,” he added.
According to Richardson, checks will be mailed out six weeks after the notification letter has been sent, and the first few batches are projected to return approximately $2.5 million.
"It's up to us to make sure that we make our government as efficient and as effective as it possibly can be," said Del. Cliff Hayes (D-91st District). "It's not efficient to be sitting on folk's money when it doesn't belong to the state."
Most of the unclaimed property in the commonwealth's possession is money, but it can also be physical items.
Watch related: Youngkin signs CASH NOW ACT after News 3 investigation
If a company can't find the rightful owner for something, they are required to send it to the Virginia Department of the Treasury.
A WTKR News 3 Investigation detailed issues with how this process was being handled in the past, which prompted action from lawmakers in this year's General Assembly session.
In March, Governor Youngkin signed the CASH NOW ACT, which allows the treasurer to send checks directly to people who are owed $5,000 or less. Previously, they had to file a claim online.
"This is honestly, probably the biggest reform to unclaimed property we've seen in a generation," said Del. Phil Hernandez (D-94th District).
WTKR's investigation also revealed that the treasury had $3.8 billion in unclaimed property — nearly twice the $2 billion they had been reporting for years — due to the state generating interest.
Watch: Lawmakers push for changes to unclaimed property law
Richardson is also now posting more specific information online about how much a claim is worth, which had been done in other states.
Unclaimed property watchdog Ron Lizzi contacted WTKR in February 2024 requesting an investigation into the practices in Virginia. He's happy the law was changed this year, but says more is still needed.
"This is an important first step, and I hope it results in tens of millions of dollars being automatically returned to Virginians," Lizzi said. "But more reform is needed. For example, automatic payments should also go to businesses, nonprofits, and local governments, not just people but this is very good news."
With the new law underway, the Richardson said the minimum payment will be $10 and they are starting with the most recently reported cases since those are more likely to be reunited.
Here is a link to search if you are owed money.
This article was researched, reported, and written by a WTKR News 3 journalist. AI was used to minimize typos and ensure style continuity.
