Virginia

The Virginia Disposition of Unclaimed Property Act, administered by the Virginia Department of the Treasury, governs how businesses (“holders”) must report and remit unclaimed property. From dormant accounts to outstanding checks, compliance in Virginia requires diligent recordkeeping, timely reporting, and effective owner outreach.

Overview of Virginia’s Unclaimed Property Law

Virginia law requires holders—such as corporations, financial institutions, utilities, and insurance companies—to report and remit unclaimed property after a specified period of inactivity.

Common reportable property types include:

• Checking and savings accounts
• Uncashed payroll or vendor checks
• Utility deposits and refunds
• Dividends, stocks, and other securities
• Life insurance proceeds
• Contents of inactive safe deposit boxes

Once property meets its dormancy threshold, holders must make good-faith efforts to contact the owner before reporting and remitting it to the state.

Virginia Dormancy Periods

Dormancy periods define how long property must remain inactive before being considered unclaimed. Below are common timelines in Virginia:

Due Diligence Requirements in Virginia

Before reporting, holders must make a good-faith effort to contact owners to prevent unnecessary escheatment.

Key requirements include:

• Mail notice: Send a first-class letter to the owner’s last known address for property valued at $100 or more, at least 60 days prior to the report submission deadline.
  
• Best practice: While not required, additional outreach—such as email, phone, or digital contact—can help improve recontact rates, reduce reportable volumes, and support audit readiness.

Virginia Reporting Deadlines and Requirements

Virginia follows an annual reporting cycle with specific timelines for different holder types:

Insurance Companies:

• Report Period: January 1 - December 31
• Report and Payment Deadline: May 1

All Other Businesses:

• Report Period: July 1 - June 30
• Report and Payment Deadline: November 1

Additional requirements:

• Format: Reports must be submitted electronically in NAUPA II format.
• Submission: Via the Virginia Treasury’s Portal.
• Negative Reports: Not required, when no unclaimed property exists.
• Remittance: Accepted via ACH, Wire Transfer, or Check.

Read more on Virginia’s Reporting Guidelines page.

Virginia’s Voluntary Compliance Program

Businesses that have missed reporting deadlines may take advantage of Virginia’s Voluntary Compliance Agreement (VCA) program to resolve compliance gaps without penalties or interest.

Program benefits:

• Waiver of penalties and interest for voluntarily disclosed property.
• Defined lookback period and structured remediation timeline.
• Opportunity to reconcile historical obligations before facing an audit.

Eligibility:

• Holder is not currently under audit by our office or one of our contracted auditors.
• Holder has not been notified of an upcoming audit by our office or one of our contracted auditors.
• Holder is a first-time participant in the program.

Read more on Virginia’s Voluntary Compliance Program page.

How Eisen Helps You Stay Compliant in Virginia

Eisen streamlines Virginia compliance with tools and services designed to reduce manual effort, improve accuracy, and strengthen audit readiness.

• Escheatment Manager: Tracks dormancy, flags eligible property, and generates Virginia-compliant reports for electronic submission.
• Outreach Manager: Automates due diligence notices to improve owner outreach and recontact success rates.
• Disbursement Manager: Handles secure, auditable payments (ACH, check, or wire) to minimize reportable liabilities.

Eisen’s solutions align with Virginia’s regulatory requirements while integrating seamlessly with your internal systems, simplifying multi-state reporting and compliance.

Turn Virginia Compliance Into a Business Advantage

Complying with Virginia’s unclaimed property laws isn’t just about avoiding penalties. It’s an opportunity to demonstrate transparency and build trust with customers and regulators. With Eisen as your partner, you can transform what often feels like a regulatory burden into an efficient, proactive process that enhances operational resilience.

Discover how Eisen’s escheatment services can streamline your unclaimed property operations in Virginia and across the country. Managing obligations in multiple states? Explore our complete guide to escheatment laws by state.