Unclaimed property is any asset that has remained unclaimed for a specific period of time, such as unredeemed stock, a check that was never cashed or contents of a safe deposit box. remains unclaimed by the owner for more than five years after the expiration of the lease or rental period on the box or other depository. • Virtual currency held or owing by any bank or other entity engaged in virtual currency business activity is abandoned three years after the owner’s last indication of interest in the property. • All other property types are abandoned three years after the owner’s right to demand the property or after the obligation to pay or distribute the property arises, whichever first occurs. When an interest is presumed abandoned, any other property right accrued or accruing to the owner as a result of the interest is also presumed abandoned. While banks typically think of abandoned property in terms of customer accounts, the bank’s employees could have abandoned wages. Wages or other compensation for personal services are abandoned one year after the compensation becomes payable. Property is unclaimed if the apparent owner has not communicated in writing, or by other means reflected in the holder’s records, with the holder concerning the property and has not otherwise indicated an interest in the property. An indication of an owner’s interest in property includes the presentation of a check or other instrument of payment for a dividend, owner-directed activity in the account, deposits to or withdrawals from an account or the payment of a premium with respect to a property interest in an insurance policy. For demand, savings and time deposits, any indication of an owner’s interest in any deposit account with a bank is an indication of interest in all deposit accounts held by that bank. For the most up-to-date and accurate information about the escheatment laws in West Virginia, it is recommended to consult the official website of the West Virginia State Treasurer’s Office or refer to the latest version of the West Virginia Code. Suttle & Stalnaker, PLLC is ready to help you. If you would like more information on how this applies to you, contact Kelly Shafer, CPA at kshafer@suttlecpas.com or (304) 343-4126. You may also contact Randy Cole at rcole@suttlecpas.com or (304) 485-6584. Randy Cole is an audit and consulting manager at Suttle & Stalnaker, PLLC and has over 11 years of experience in public accounting. Randy has significant experience working with financial institutions providing such services as external and internal auditing, regulatory compliance and other consulting support, as well as audits of nonprofits organization, governments, and for-profit organizations in various industries. He also has experience in financial reporting consultation and audit preparation consultation. 11 West Virginia Banker
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