74.7 F
Charlotte Amalie
Thursday, March 28, 2024
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

Publisher's note : Like the St. John Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice.. click here.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.

Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.