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Does unclaimed money in Virginia expire, and does the state pay interest on it?

In Virginia, unclaimed money does not expire: the expiration of a period to bring a claim does not prevent the property from being presumed abandoned or the duty to report and deliver it. The state adds interest at five percent, compounded annually, only if the property was interest-bearing to the owner while the holder held it.

What the rule actually says

Virginia law is clear: the expiration of a period of time specified by statute or court order during which an action could have been brought to obtain payment of a claim for money or recovery of property does not prevent that money or property from being presumed abandoned. It also does not affect the duty to report it or to deliver it to the administrator. (Va. Code § 55.1-2528)

In plain English, that means the state does not treat your unclaimed money as gone just because a deadline for a lawsuit passed. The property can still be presumed abandoned, and whoever holds it must still report and deliver it to Virginia. So the money does not simply expire.

Does Virginia pay interest on unclaimed money?

Sometimes. Virginia adds interest to a claim paid to the owner at five percent, or such lesser rate as the property earned while in the holder's possession, compounded annually. But this applies only if the property claimed was interest-bearing to the owner while the holder held it. (Va. Code § 55.1-2533)

So if the property never earned interest for you while the holder had it, no interest is added. If it did, the state adds interest at that rate. The rule is specific, and it depends on the nature of the property.

Virginia may pay you without a claim

Virginia law allows the administrator to make payment without having received a claim at all, provided all of these are true: the property is cash property, the apparent owner is a natural person and the sole owner, the administrator has verified that owner's identity, and the amount to be paid does not exceed $5,000. (Va. Code § 55.1-2532)

The Virginia Department of the Treasury states that it is now automatically returning unclaimed property, eliminating the need to file a claim. So for smaller cash property where you are the sole owner, you may not need to do anything. But you should still check the official databases to see what is listed in your name.

Steps to take, in order

1. Search the official sources first. Go to Virginia's own vaMoneySearch.gov, your own state treasury's unclaimed property program if you have lived elsewhere, and MissingMoney.com, the free multi-state search NAUPA manages. Searching is free.
2. Check your name and former addresses. Unclaimed property is often listed under a maiden name, a middle initial, or an old address. Search variations.
3. If you find property, follow the instructions on the official site. The state will tell you what it needs to verify your identity and ownership.
4. Wait for automatic payment if it applies. For cash property up to $5,000 where you are the natural person and sole owner, the state may pay you without a claim.
5. Never pay a finder a percentage. The state does this for nothing.

What to gather before you start

Before you begin a claim or check on automatic payment, gather the basics: proof of your identity, such as a government-issued ID; proof of your current address; and any documents linking you to the property, like old account statements or mail sent to a former address. If the property is listed under a different name, have documents that show the connection, such as a marriage certificate or name-change order.

You do not need to hire anyone to do this. The official state process is designed for you to file your own claim. If you are the sole owner of cash property and the amount is $5,000 or less, the state may verify your identity and pay you automatically, so you may only need to confirm your details when contacted.

What goes wrong and how to avoid it

The most common mistake is paying a third-party finder a percentage of your money. The state does not require it, and the official searches are free. Another mistake is assuming the money has expired because a deadline passed. Under Virginia law, the expiration of a period to bring a claim does not prevent the property from being presumed abandoned or the duty to report and deliver it. (Va. Code § 55.1-2528)

Also, do not assume you will get interest. Interest is added only if the property was interest-bearing to you while the holder held it. (Va. Code § 55.1-2533) And do not assume you must file a claim for every amount: for cash property up to $5,000 where you are the natural person and sole owner, the state may pay without a claim. (Va. Code § 55.1-2532)

Frequently asked questions

Related guides

• Unclaimed property: every guide
• Nobody was ever appointed executor. Can I still claim my relative's unclaimed money in Virginia?
• My relative died and left unclaimed property in Virginia. How do I claim it?
• My flight was cancelled. How long does the airline have to refund me?

Sources

• Va. Code § 55.1-2528
• Va. Code § 55.1-2533
• Va. Code § 55.1-2532
• Virginia Department of the Treasury
• NAUPA (unclaimed.org)