In an effort to simplify reporting and work towards the goal of uniformity within the Unclaimed Property arena, the WVSTO Unclaimed Property Division has made a few changes to our NAUPA approved Property Type Code Table. We have eliminated the following Property Type Codes:
AC11 Non-Interest Bearing Checking Accounts
AC12 Interest Bearing Checking Accounts
AC13 Non-Interest Bearing Savings Accounts
AC14 Interest Bearing Savings Accounts
AC16 Non-Interest Bearing Christmas and Vacation Club Funds
All Checking Accounts will now be reportable using the newly established code, “AC01 Checking Accounts” while all Savings Accounts will now be reportable using the newly established code “AC02 Savings Accounts” regardless if the accounts were interest or non-interest bearing accounts.
Any Christmas or Vacation Club Accounts will now be reportable using the AC04 “Christmas Club Accounts” Property Type Code regardless if the account was an interest or non-interest bearing account.
The WVSTO continues to pay any interest rate reported for 3 years after a report is filed therefore, please be sure to include this rate if applicable to any reportable properties. Please see the updated Property Type code and dormancy periods table
A national leader, the West Virginia State Treasurer’s Office is diligent in its efforts to return and recover unclaimed property to its rightful owner. Treasurer John Perdue works hard to educate and communicate with small businesses and individuals alike about the importance of pursuing and recovering unclaimed property, such as bank accounts, matured insurance policies, stocks, bonds, safe deposit box contents, weapons, and a wide variety of other items abandoned by their original owners.
Treasurer Perdue has served as the custodian, as designated by state law, for 944,211 unclaimed property accounts that total more than $172 million in unclaimed funds. He has returned more than $113 million to West Virginia businesses and individuals.