Commonwealth offers new program and website for unclaimed property

The Commonwealth’s new KAPS program and website make it easier for residents to identify and claim unclaimed property.

KAPS was launched by the Virginia Department of the Treasury Unclaimed Property Division.

“The Commonwealth’s new website and system streamline the claims process which allows us to expedite the return of unclaimed funds to the rightful owners,” Gov. Glenn Youngkin said in a press release.

The public is cautioned to be aware of unauthorized fee-based services and to always work with the Treasury department to claim unclaimed property through www.VaMoneySearch.gov.

“One in four Virginians has unclaimed property so we encourage all Virginians to search our free website for their unclaimed property,” Virginia Treasurer David Richardson said in the press release. “There is no deadline, and no fees will be charged to claim your property.”

The consumer protection law in Virginia requires businesses to turn unclaimed property over to the state, and the state holds the property until the rightful owner or heir files a claim. Unclaimed property includes dormant or inactive accounts, unpaid wages, money for insurance policies and tangible property. Created in 1961, the program has returned more than $1 billion in unclaimed property.

The new KAPS program is used by more than 30 states, instantly creates claims and allows claimants to securely upload documents from smartphones and computers.

“Our mission is to protect the property of our citizens and return these assets to the rightful owner,” Secretary of Finance Stephen Cummings said. “This public service comes at no cost to citizens and returns millions each year to our citizens.”