This page addresses key areas of interest regarding West Virginia unclaimed property and escheatment laws and regulations.
West Virginia, like many states, has a fall deadline for annual reporting and remittance due before November 1. Life insurance corporations must file before May 1.
Requests for early reporting must be submitted in writing subject to the administrator’s prior written consent. Negative reports are not required unless an extension has been filed.
Electronic reporting is required and must be submitted in the NAUPA format.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with West Virginia’s unclaimed property laws and regulations.
West Virginia requires holders to send due diligence notifications for any property with a value of $50 or more, no less than 60 days and no more than 120 days before the report due date.
Each letter should be sent to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to escheat to the State of West Virginia.
Dormancy periods in West Virginia vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in West Virginia for common property types include:
Reporting unclaimed property in West Virginia, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
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