Find unclaimed money at festival

Published 12:46 am Saturday, October 8, 2011

Melinda Barbish, left, and Vicki Bridgeman, both workers with the Virginia Department of the Treasury, help Jacob Cutchin fill out paperwork for about $600 of unclaimed money they found for him. The Treasury Department will be in the city tent at Peanut Fest today and tomorrow.

Visitors to the Peanut Fest this weekend could walk away with a prize far bigger than a goldfish or a stuffed animal, and winning it is far easier than shooting basketballs or tossing rings.

Personnel with the Virginia Department of the Treasury already have given away more than $45,000 at the festival, and all you have to do to win is give your name.

The Unclaimed Property Division of the state treasurers’ office is set up in the city tent at the festival with its database of unclaimed money for Virginians. All visitors have to do is give their name or type in their Social Security number.

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On Friday, Jacob Cutchin found nearly $600 left over from life insurance stock his parents purchased in 1944.

“I was 7 years old,” he said. “It’s been so long ago.”

The unclaimed property can come from forgotten bank accounts, utility deposits, safe deposit boxes, unclaimed paychecks, stocks and more. The department estimates about one in four Virginians have a windfall awaiting them.

“It’s a productive exercise for the citizens,” said Ron Williams, Suffolk city treasurer. “It could be literally anybody. If you come to Peanut Fest, stop by and get it done.”

Anytime a business or agency has no contact with the money’s rightful owner for a certain amount of time (it varies depending on the type of account), it reports the unclaimed money to the Virginia Department of the Treasury. While it’s waiting to be claimed, the money helps finance low-cost school loans and other education projects.

Vicki Bridgeman, director of the Unclaimed Property Division, said the program received about $124 million in lost money last year. The highest year was $161 million.

“We are actually trying to give that back,” she said. “There’s not so many government agencies that are going to give you money back.”

The people at the festival won’t check to see if you owe money to the state, Bridgeman said, though that is a popular misconception among people who stop by the booth.

Evelyn Daughtrey also visited the booth on Friday. She found nearly $60 from two different sources, neither of which she recognized. She speculated they were left over from her husband, who died about 18 years ago.

People who do have money awaiting them will receive a form at the fair to fill out and mail in. In addition to checking their own names, people should remember to check maiden names, dead spouses and relatives who may not be able to make it to the festival. People can also look themselves up on the website, www.vamoneysearch.org.

“It’s so much fun to help people find money,” Williams said.

For Cutchin, it will be fun to spend it, too.

“I’ll put it in the bank and watch it go away,” he said.

The city tent is located near the red entrance at the festival.