CHARLESTON, W.Va. -- In the coming weeks, the state will start reaching out to more than 12,000 people who have unclaimed property.
"Most of it is something monetary, checks or money that's been misplaced," said Nelson Sorah, spokesman for State Treasurer John Perdue.
In the past 11 years, the state has returned to its rightful owners and heirs $60 million in unclaimed property, ranging from money in bank accounts, stocks and insurance policies to weapons, cars and unusual items tucked away in safe deposit boxes.
This week, newspapers across the state began publishing listings of unclaimed property reported to the state treasurer over the past year. Sorah said the special section is scheduled for inclusion in the Aug. 2 edition of the Saturday Gazette-Mail.
About 60 percent of all unclaimed property is returned every year, he said.
The state treasurer is responsible for implementing the unclaimed property program, which is mandated by West Virginia law.
Businesses, such as financial institutions, are required to annually report any unclaimed property they might have to the state treasurer. Most of the property belongs to people who have died or moved away and forgotten about their assets.
The property is collected, processed, and kept or auctioned under the Treasurer's authority.
West Virginia currently holds 400,000 accounts worth $100 million.
Sorah said this year's new batch doesn't contain any unusual items that stand out, like in years past.
Over time, unclaimed items from abandoned bank deposit boxes go up for public auction. Some of these items have included diamond rings appraised at tens of thousands of dollars, baseball cards, South African gold coins and gun cases.
One year, the state auctioned off a Ziploc bag of teeth for $3 or $4.
CHARLESTON, W.Va. -- In the coming weeks, the state will start reaching out to more than 12,000 people who have unclaimed property.
"Most of it is something monetary, checks or money that's been misplaced," said Nelson Sorah, spokesman for State Treasurer John Perdue.
In the past 11 years, the state has returned to its rightful owners and heirs $60 million in unclaimed property, ranging from money in bank accounts, stocks and insurance policies to weapons, cars and unusual items tucked away in safe deposit boxes.
This week, newspapers across the state began publishing listings of unclaimed property reported to the state treasurer over the past year. Sorah said the special section is scheduled for inclusion in the Aug. 2 edition of the Saturday Gazette-Mail.
About 60 percent of all unclaimed property is returned every year, he said.
The state treasurer is responsible for implementing the unclaimed property program, which is mandated by West Virginia law.
Businesses, such as financial institutions, are required to annually report any unclaimed property they might have to the state treasurer. Most of the property belongs to people who have died or moved away and forgotten about their assets.
The property is collected, processed, and kept or auctioned under the Treasurer's authority.
West Virginia currently holds 400,000 accounts worth $100 million.
Sorah said this year's new batch doesn't contain any unusual items that stand out, like in years past.
Over time, unclaimed items from abandoned bank deposit boxes go up for public auction. Some of these items have included diamond rings appraised at tens of thousands of dollars, baseball cards, South African gold coins and gun cases.
One year, the state auctioned off a Ziploc bag of teeth for $3 or $4.
"Those items (going up for auction) are usually stored in a vault at a warehouse," Sorah said. "We liquidate those every two or three years. We'll probably have our next auction by next summer."
Several unclaimed property accounts, however, are valued at $50 or less, Sorah said. But claimants cannot find out what they have until they file the proper paperwork for their property.
People who spot their name or a deceased family member's name in the unclaimed property listings can begin the reclaiming process by calling the treasurer's office. They can also access the database at www.wvsto.com and click on the "Unclaimed Property" tab.
Claimants must fill out and submit documents to prove their identity. In the case of an heir, a death certificate is requested.
Recently, a 100-year-old Dunbar woman was featured on NBC for being the oldest unclaimed property recipient in the nation.
Mary Price Chester received a $670 windfall, a policy from Baltimore Life she had forgotten about.
Sorah touts West Virginia's program as one of the most effective in the country.
"We've elevated the profile of unclaimed property," he said. "People actually look forward to getting those (newspaper inserts) and poring through them.
"Unfortunately, a few states out there use the money for other purposes and aren't as aggressive as we are in getting it back to their owners."
The state does not impose any fees or charges for unclaimed property searches.
For more information, go online to www.wvsto.com or see www.missingmoney.com for a national unclaimed property database.
Contact writer Jake Stump at jakest...@dailymail.com or (304) 348-4842.
