In a groundbreaking move, the Virginia Department of Treasury is set to send checks directly to residents across the commonwealth for unclaimed property. This initiative stems from legislative changes driven by a recent investigative report that exposed inefficiencies in handling such assets. Over 10,000 notices have already been dispatched since May 1, signaling a significant shift in how unclaimed funds are managed.

The newly enacted CASH NOW ACT simplifies the process for claimants, allowing direct payments for amounts up to $5,000 without requiring online filings. With an estimated $3.8 billion in unclaimed property, this reform aims to reunite rightful owners with their lost assets more efficiently and transparently. Lawmakers and watchdogs agree that while progress has been made, further reforms may still be necessary to expand coverage beyond individuals.

Reforming Unclaimed Property Management

The implementation of the CASH NOW ACT marks a pivotal moment in Virginia's approach to managing unclaimed property. Previously, individuals had to navigate complex procedures to reclaim their assets. Now, the treasurer's office sends direct checks for claims under $5,000 after notifying potential recipients via mail. This streamlined process reflects a commitment to efficiency and accountability in government operations.

Unclaimed property encompasses various forms of assets, including monetary funds, stocks, bonds, dividends, utility deposits, insurance proceeds, and tangible items. When companies cannot locate rightful owners, these properties are transferred to the state treasury. Historically, this process faced criticism for its opacity and delays. However, following a detailed investigation by WTKR News 3, lawmakers took swift action during the General Assembly session. Governor Youngkin signed the legislation into law in March, marking a substantial improvement over prior practices. The treasurer's office anticipates returning approximately $2.5 million through initial batches of checks, with disbursements scheduled six weeks after sending notification letters.

Expanding Transparency and Accessibility

Beyond simplifying the claims process, the new law introduces greater transparency in reporting unclaimed property values. Treasurer David Richardson has committed to publishing more detailed information online regarding claim amounts—a practice previously adopted by other states. This increased openness aims to empower residents to verify whether they are entitled to any unclaimed assets.

While stakeholders applaud the current reforms, many advocate for extending automatic payment options beyond individual claimants. Ron Lizzi, an unclaimed property watchdog, emphasizes the need for businesses, nonprofits, and local governments to benefit equally from simplified processes. Starting with the most recently reported cases ensures higher success rates in reuniting assets with their rightful owners. With minimum payments set at $10, the initiative prioritizes recent claims where connections are likelier to be established. Residents are encouraged to check online resources to determine if they qualify for unclaimed funds, underscoring the importance of public awareness in realizing the full potential of this reform effort.