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HomeNewsArchivesGOVERNMENT CAN CLAIM 'ABANDONED' MONEY

GOVERNMENT CAN CLAIM 'ABANDONED' MONEY

June 12, 2003 – In accordance with the Virgin Islands Unclaimed Property Act, any savings account, demand or matured time deposit held by a banking or financial institution is "Presumed Abandoned" unless the owner of the account has, within five years, done the following:
– Communicated in writing with the bank regarding the deposit or savings account.
– Increased or decreased the amount in the savings account.
– Presented the savings account passbook to the bank for the crediting of interest.
Failure of an account owner to take appropriate action within the specified five-year period will result in a determination that the account is "Abandoned," and all money in the account will be turned over to the V.I. government.
For further information on the abandoned property law, contact the following:
Derverita Sturdivant
Nisky Center, Suite 200
St. Thomas VI 00802
774-7166
or
Glendina Matthews
#7 & 8 King Street
St. Croix VI 00820
773-6459

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