WV | The West Virginia State Treasurer’s Office today sent the following email to businesses:
Dear West Virginia Business:
The West Virginia State Treasurer’s Office (WVSTO) Unclaimed Property Division is committed to increasing transparency and modernizing its processes. As a result you are receiving this email to provide you with information about West Virginia’s unclaimed property reporting and remittance requirements. Businesses and organizations in West Virginia are required to identify, report, and remit their unclaimed property to the WVSTO in accordance with The West Virginia Uniform Unclaimed Property Act.
The general reporting process includes:
1) Identify unclaimed property: When property reaches the end of the dormancy period with no contact with the owner, then – by law – the organization must identify and report the unclaimed property. Examples include uncashed checks, dormant accounts, refunds, and customer overpayments.
2) Attempt to contact the owner: Organizations must make a good faith effort to reach the owner of the property before turning it over to the state for safekeeping. A written notice must be sent to the property owner 60 to 120 days before filing the report. Letters should begin being mailed to property owners soon after July 1 to ensure enough time to report timely.
3) Report unclaimed property and remit payment to the state: Following a presumed period of abandonment, businesses in possession of unclaimed property are required to annually submit reports to the WVSTO containing a detailed description of the property and owner, and to remit all unclaimed funds to the State Treasurer’s Office. The report is required to be electronically filed and payment remitted before November 1 each year for all businesses, and before May 1 each year for all life insurance companies.
4) Reporting and Payment Due Dates:
a. Report Due-Life Insurance: May 1
b. Report Due-All Others: November 1
c. Payment Due-Life Insurance: May 1
d. Payment Due-All Others: November 1
The WVSTO has statutory authority to impose interest at a rate of 12% and penalties on businesses failing to report or deliver unclaimed property assessed from the date the property should have been reported, paid, or delivered.
For additional information regarding unclaimed property reporting, your business requirements, or to file a report visit the WVSTO website at https://wv.findyourunclaimedproperty.com/app/reporting-guidelines. If you have additional questions, contact Eholder_Support@wvsto.com.
The WVSTO is committed to reuniting all unclaimed property reported with its rightful owner. The WVSTO has returned more than $240 million in unclaimed property. Check today to see if we have money for you and your business to claim, too! Start now: WV Unclaimed Property (findyourunclaimedproperty.com)
Deputy Treasurer Unclaimed Property