WTKR News 3 continues to ask questions about how the state returns the billions of public funds that it has in its possession.
A News 3 investigation that exposed issues with how unclaimed property was being handled in the state caught the attention of lawmakers, who then made changes to Virginia law. The Cash Now Act was ultimately signed into law in March, making it easier for people to get automatic payments under $5,000 without them having to file a claim online.
Previous coverage: Do you have unclaimed money or property in Virginia? Here's how to find out.
The Virginia Treasury’s Unclaimed Property Division now says they have $3.7 billion in money that’s owed back to the public.
They said, “beginning on May 1, our team rolled out the VA Cash Now initiative where lost funds are mailed directly to citizens without the need to file a claim. To date, we have mailed out over 29k notification letters and issued nearly $4m in checks.”
The Virginia Treasury also said, “First, in fiscal year 2025, Virginia Treasury’s Unclaimed Property (UCP) Division shattered records in reuniting lost funds with citizens by processing over 93k claims while paying out over $118m, besting the previous record by over $30m. We believe this surge is due to continued increased attention to UCP at the national level and Virginia’s adoption of the best-in-class UCP system. This has enabled citizens to find their property more easily and, in many cases, allowed them to file claims electronically without the need to mail anything. We are delighted by the progress and anticipate this to continue this fiscal year.”
Previous coverage: Nonprofit finds $44K in unclaimed money, way more than they originally thought
Virginia Delegates Cliff Hayes and Phil Hernandez worked hard last year to change the law regarding unclaimed property.
WTKR interviewed both delegates numerous times on this issue.
“For you to all shed light on this matter and not give up and stay tuned and engaged and followed it through its entire process I think made all the difference in the world," Del. Hayes said in a previous News 3 interview.
Hernandez says efforts to raise awareness about unclaimed property was a key factor in driving change.
“A lot of people have spent a lot of time on this — yourself included by shining a light on it and it helped it propel the issue forward," Del. Hernandez said to News 3 Investigator Margaret Kavanagh.
Previous coverage: Nonprofit surprised to learn they're owed at least $25K in unclaimed property
The Treasurer’s Office said their efforts have also been strengthened with new hires: “Through hiring new staff members we have expanded our outreach efforts by having certain staff focus their efforts directly on non-profits, churches, governmental institutions, charities, etc. to identify and reunite funds back to these entities. We believe we are the only state to take this targeted approach to date.”
WTKR has previously helped citizens, a nonprofit and cities get their money back.
A link to search if you are owed money is available here.
