The West Virginia State Treasurer’s Office safeguards assets considered lost or abandoned when their owners cannot be located. These assets, ranging from forgotten bank accounts and uncashed checks to security deposits and insurance proceeds, are held in trust by the state until claimed by their rightful owners. For example, an individual might move without forwarding a new address to their bank. After a period of inactivity, the funds in their account would be deemed unclaimed and transferred to the state for safekeeping.
This safeguarding function serves a crucial role in protecting the financial interests of West Virginia residents and businesses. It ensures that individuals do not permanently lose their assets due to unforeseen circumstances or simple oversight. Historically, states have recognized the need to protect these forgotten funds, leading to the development of unclaimed property programs nationwide. The West Virginia program provides a vital service by reuniting owners with their assets, boosting the state’s economy through returned funds, and maintaining public trust in financial institutions.
