How long does a West Virginia bank hold funds before they must be declared dormant and transferred to the State Treasurers Office?
West Virginia Code Chapter 36, Article 8, Section 2 defines the time frames required for funds to be declared abandoned. There are different time frames for different types of funds. Non-interest bearing funds, such as in a checking account are considered unclaimed after five (5) years of inactivity. Funds in interest bearing accounts, such as savings accounts, are considered abandoned after seven (7) years of inactivity.
