{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2503.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2503.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2503.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2503.html"}],"law_id":77387,"edition_id":1,"section_id":77387,"structure_id":13771,"section_number":"55.1-2503","catch_line":"Bank deposits and funds in financial organizations","history":"1984, c. 121, \u00a7 55-210.3:01; 1985, c. 294; 1991, c. 357; 1995, c. 624; 1996, c. 419; 2000, cc. 733, 745; 2008, cc. 90, 556; 2018, cc. 359, 439; 2019, c. 712.","full_text":"A\n\nAny demand, savings, or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward the purchase of shares, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless the owner has, within five years:1\n\nIn the case of a deposit or ownership of shares, increased or decreased the amount of the deposit or the number of shares owned, or presented the passbook or other similar evidence of the deposit or ownership of shares for the crediting of interest or dividends, or negotiated a check in payment of interest or dividends on a time deposit or ownership of shares;2\n\nCommunicated in writing with the banking or financial organization concerning the property;3\n\nOtherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;4\n\nOwned other property to which subdivision 1, 2, or 3 is applicable if the banking or financial organization communicated in writing with the owner with regard to the property that would otherwise be presumed abandoned under this section at the address to which communications regarding the other property regularly are sent;5\n\nHad another relationship with the banking or financial organization concerning which the owner has (i) communicated in writing with the banking or financial organization, or (ii) otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this section at the address to which communications regarding the other relationship regularly are sent; or6\n\nA deposit made with or purchase of shares in a banking or financial organization by a court or by a guardian pursuant to an order of a court or by any other person for the benefit of a person who was an infant at the time of the making of such deposit or purchase of shares, which deposit or ownership of shares is subject to withdrawal or transfer only upon the further order of such court or such guardian or other person, shall not be subject to the provisions of this chapter until one year after such infant attains the age of 18 years or until one year after the death of such infant, whichever occurs sooner. These accounts are not subject to dormant service charges.B\n\nNotwithstanding any other provision of this section, share accounts of a member of a state or federally chartered credit union that is subject to or covered by life savings insurance provided by the credit union at no additional charge to the member shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the credit union discontinued the mailings to the member, whichever occurs earlier. Funds held or owing under the life savings insurance policy are presumed abandoned pursuant to § 55.1-2507.C\n\nFor purposes of this section, “property” includes any interest or dividends thereon. No banking or financial organization may deduct any service charge or cease to accrue interest on any account from the date the account is declared dormant or inactive by such organization except in conformity with cessation of interest or service charges generally assessed upon active accounts and except as provided in this section. With respect to any property described in this section, a holder may not impose any charges due to dormancy or inactivity that differ from charges imposed on active accounts or cease to pay interest due to dormancy or inactivity that differs from the cessation of payment of interest on active accounts unless:1\n\nThere is an enforceable contract between the holder and the owner of the property pursuant to which the holder may impose those charges or cease payment of interest;2\n\nFor property in excess of $100, the holder, no more than three months prior to the initial imposition of those charges or cessation of interest, has given written notice to the owner of the amount of those charges at the last known address of the owner stating that those charges will be imposed or that interest will cease; however, such notice need not be given with respect to charges imposed or interest ceased before July 1, 1984;3\n\nWhen the holder receives a request from the owner of the property to reverse or cancel dormancy charges or retroactively credit interest with respect to such property, the holder may at its option either:\n\t\t\t\ta. Reverse or cancel dormancy charges or retroactively credit interest with respect to any such property, in which event the holder shall reverse or cancel dormancy charges or retroactively credit interest for all such property that becomes subject to the reporting requirements in § 55.1-2524 for the Department of the Treasury; or\n\t\t\t\tb. Not reverse or cancel dormancy charges or retroactively credit interest with respect to any such property, in which event the holder shall not be required to reverse or cancel dormancy charges or retroactively credit interest for any such property that becomes subject to the reporting requirements in § 55.1-2524 for the Department of the Treasury; and4\n\nThe holder may at its option reverse or cancel dormancy charges or retroactively credit interest with respect to any or all such property to correct a documented internal error without becoming required to reverse or cancel dormancy charges or retroactively credit interest for all such property that becomes subject to the reporting requirements in § 55.1-2524 for the Department of the Treasury.\n\t\t\t\tNotwithstanding any provision of this subsection to the contrary, a holder that is a state-chartered credit union may refund charges or reverse or cancel those charges or retroactively credit interest with respect to such property to the same extent that a federally chartered credit union is authorized to do so pursuant to applicable provisions of federal law.D\n\nAny automatically renewable property to which this section applies is matured upon the expiration of its initial time period. However, in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicates consent as specified in subsection A, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in subsection D of § 55.1-2524, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result. Notwithstanding any other provision of this section to the contrary, any automatically renewable time deposit that has matured shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the holder discontinued the mailings to the apparent owner, whichever occurs earlier. However, any automatically renewable time deposit for which no such statement or other notification or mailing is required to be sent by the banking or financial organization shall be presumed abandoned as otherwise provided in this section.","order_by":null,"text":{"0":{"id":277591,"text":"Any demand, savings, or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward the purchase of shares, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless the owner has, within five years:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":277592,"text":"In the case of a deposit or ownership of shares, increased or decreased the amount of the deposit or the number of shares owned, or presented the passbook or other similar evidence of the deposit or ownership of shares for the crediting of interest or dividends, or negotiated a check in payment of interest or dividends on a time deposit or ownership of shares;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":277593,"text":"Communicated in writing with the banking or financial organization concerning the property;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":277594,"text":"Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":277595,"text":"Owned other property to which subdivision 1, 2, or 3 is applicable if the banking or financial organization communicated in writing with the owner with regard to the property that would otherwise be presumed abandoned under this section at the address to which communications regarding the other property regularly are sent;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":277596,"text":"Had another relationship with the banking or financial organization concerning which the owner has (i) communicated in writing with the banking or financial organization, or (ii) otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this section at the address to which communications regarding the other relationship regularly are sent; or","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":277597,"text":"A deposit made with or purchase of shares in a banking or financial organization by a court or by a guardian pursuant to an order of a court or by any other person for the benefit of a person who was an infant at the time of the making of such deposit or purchase of shares, which deposit or ownership of shares is subject to withdrawal or transfer only upon the further order of such court or such guardian or other person, shall not be subject to the provisions of this chapter until one year after such infant attains the age of 18 years or until one year after the death of such infant, whichever occurs sooner. These accounts are not subject to dormant service charges.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":277598,"text":"Notwithstanding any other provision of this section, share accounts of a member of a state or federally chartered credit union that is subject to or covered by life savings insurance provided by the credit union at no additional charge to the member shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the credit union discontinued the mailings to the member, whichever occurs earlier. Funds held or owing under the life savings insurance policy are presumed abandoned pursuant to § 55.1-2507.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":277599,"text":"For purposes of this section, “property” includes any interest or dividends thereon. No banking or financial organization may deduct any service charge or cease to accrue interest on any account from the date the account is declared dormant or inactive by such organization except in conformity with cessation of interest or service charges generally assessed upon active accounts and except as provided in this section. With respect to any property described in this section, a holder may not impose any charges due to dormancy or inactivity that differ from charges imposed on active accounts or cease to pay interest due to dormancy or inactivity that differs from the cessation of payment of interest on active accounts unless:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"9":{"id":277600,"text":"There is an enforceable contract between the holder and the owner of the property pursuant to which the holder may impose those charges or cease payment of interest;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"10":{"id":277601,"text":"For property in excess of $100, the holder, no more than three months prior to the initial imposition of those charges or cessation of interest, has given written notice to the owner of the amount of those charges at the last known address of the owner stating that those charges will be imposed or that interest will cease; however, such notice need not be given with respect to charges imposed or interest ceased before July 1, 1984;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"11":{"id":277602,"text":"When the holder receives a request from the owner of the property to reverse or cancel dormancy charges or retroactively credit interest with respect to such property, the holder may at its option either:\n\t\t\t\ta. Reverse or cancel dormancy charges or retroactively credit interest with respect to any such property, in which event the holder shall reverse or cancel dormancy charges or retroactively credit interest for all such property that becomes subject to the reporting requirements in § 55.1-2524 for the Department of the Treasury; or\n\t\t\t\tb. Not reverse or cancel dormancy charges or retroactively credit interest with respect to any such property, in which event the holder shall not be required to reverse or cancel dormancy charges or retroactively credit interest for any such property that becomes subject to the reporting requirements in § 55.1-2524 for the Department of the Treasury; and","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"12":{"id":277603,"text":"The holder may at its option reverse or cancel dormancy charges or retroactively credit interest with respect to any or all such property to correct a documented internal error without becoming required to reverse or cancel dormancy charges or retroactively credit interest for all such property that becomes subject to the reporting requirements in § 55.1-2524 for the Department of the Treasury.\n\t\t\t\tNotwithstanding any provision of this subsection to the contrary, a holder that is a state-chartered credit union may refund charges or reverse or cancel those charges or retroactively credit interest with respect to such property to the same extent that a federally chartered credit union is authorized to do so pursuant to applicable provisions of federal law.","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"D"},"13":{"id":277604,"text":"Any automatically renewable property to which this section applies is matured upon the expiration of its initial time period. However, in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicates consent as specified in subsection A, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in subsection D of § 55.1-2524, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result. Notwithstanding any other provision of this section to the contrary, any automatically renewable time deposit that has matured shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the holder discontinued the mailings to the apparent owner, whichever occurs earlier. However, any automatically renewable time deposit for which no such statement or other notification or mailing is required to be sent by the banking or financial organization shall be presumed abandoned as otherwise provided in this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C4"}},"ancestry":[{"id":13771,"edition_id":1,"name":"Definitions; Property Abandoned or Assumed Abandoned","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12709,"metadata":{},"date_created":"2026-06-26 03:45:50","date_modified":"2026-06-26 03:45:50","permalink":{"id":247945,"object_type":"structure","relational_id":13771,"identifier":"1","token":"55.1\/V\/25\/1","url":"\/55.1\/V\/25\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12709,"edition_id":1,"name":"Virginia Disposition Of Unclaimed Property Act","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12708,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247943,"object_type":"structure","relational_id":12709,"identifier":"25","token":"55.1\/V\/25","url":"\/55.1\/V\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12708,"edition_id":1,"name":"Miscellaneous","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247771,"object_type":"structure","relational_id":12708,"identifier":"V","token":"55.1\/V","url":"\/55.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58539,"structure_id":13771,"section_number":"55.1-2500","catch_line":"Definitions","url":"\/55.1-2500\/","token":"55.1\/V\/25\/1\/55.1-2500","metadata":false},{"id":73294,"structure_id":13771,"section_number":"55.1-2501","catch_line":"Property presumed abandoned; general rule","url":"\/55.1-2501\/","token":"55.1\/V\/25\/1\/55.1-2501","metadata":false},{"id":65666,"structure_id":13771,"section_number":"55.1-2502","catch_line":"Taking custody of intangible unclaimed property; general rules","url":"\/55.1-2502\/","token":"55.1\/V\/25\/1\/55.1-2502","metadata":false},{"id":77387,"structure_id":13771,"section_number":"55.1-2503","catch_line":"Bank deposits and funds in financial organizations","url":"\/55.1-2503\/","token":"55.1\/V\/25\/1\/55.1-2503","metadata":false},{"id":73776,"structure_id":13771,"section_number":"55.1-2504","catch_line":"Traveler's checks and money orders","url":"\/55.1-2504\/","token":"55.1\/V\/25\/1\/55.1-2504","metadata":false},{"id":72388,"structure_id":13771,"section_number":"55.1-2505","catch_line":"Checks, drafts, and similar instruments issued or certified by banking and financial organizations","url":"\/55.1-2505\/","token":"55.1\/V\/25\/1\/55.1-2505","metadata":false},{"id":64112,"structure_id":13771,"section_number":"55.1-2506","catch_line":"Contents of safe deposit box or other safekeeping repository","url":"\/55.1-2506\/","token":"55.1\/V\/25\/1\/55.1-2506","metadata":false},{"id":78230,"structure_id":13771,"section_number":"55.1-2507","catch_line":"Funds owing under life insurance policies","url":"\/55.1-2507\/","token":"55.1\/V\/25\/1\/55.1-2507","metadata":false},{"id":62766,"structure_id":13771,"section_number":"55.1-2508","catch_line":"Intangible personal property held by insurance corporation subject to \u00a7 55.1-2501","url":"\/55.1-2508\/","token":"55.1\/V\/25\/1\/55.1-2508","metadata":false},{"id":85940,"structure_id":13771,"section_number":"55.1-2509","catch_line":"Unclaimed demutualization proceeds","url":"\/55.1-2509\/","token":"55.1\/V\/25\/1\/55.1-2509","metadata":false},{"id":84156,"structure_id":13771,"section_number":"55.1-2510","catch_line":"Deposits held by utilities","url":"\/55.1-2510\/","token":"55.1\/V\/25\/1\/55.1-2510","metadata":false},{"id":65661,"structure_id":13771,"section_number":"55.1-2511","catch_line":"Intangible interest in business association","url":"\/55.1-2511\/","token":"55.1\/V\/25\/1\/55.1-2511","metadata":false},{"id":59201,"structure_id":13771,"section_number":"55.1-2512","catch_line":"Refunds held by business associations","url":"\/55.1-2512\/","token":"55.1\/V\/25\/1\/55.1-2512","metadata":false},{"id":56945,"structure_id":13771,"section_number":"55.1-2513","catch_line":"Property of business associations held in course of dissolution","url":"\/55.1-2513\/","token":"55.1\/V\/25\/1\/55.1-2513","metadata":false},{"id":83377,"structure_id":13771,"section_number":"55.1-2514","catch_line":"Intangible personal property held in fiduciary capacity","url":"\/55.1-2514\/","token":"55.1\/V\/25\/1\/55.1-2514","metadata":false},{"id":75833,"structure_id":13771,"section_number":"55.1-2515","catch_line":"Gift certificates and credit balances","url":"\/55.1-2515\/","token":"55.1\/V\/25\/1\/55.1-2515","metadata":false},{"id":71400,"structure_id":13771,"section_number":"55.1-2516","catch_line":"Wages","url":"\/55.1-2516\/","token":"55.1\/V\/25\/1\/55.1-2516","metadata":false},{"id":72310,"structure_id":13771,"section_number":"55.1-2517","catch_line":"Intangible property held for owner by public agency","url":"\/55.1-2517\/","token":"55.1\/V\/25\/1\/55.1-2517","metadata":false},{"id":54779,"structure_id":13771,"section_number":"55.1-2518","catch_line":"Property held by courts","url":"\/55.1-2518\/","token":"55.1\/V\/25\/1\/55.1-2518","metadata":false},{"id":68278,"structure_id":13771,"section_number":"55.1-2519","catch_line":"Responsibilities of general receiver and clerk","url":"\/55.1-2519\/","token":"55.1\/V\/25\/1\/55.1-2519","metadata":false},{"id":55072,"structure_id":13771,"section_number":"55.1-2520","catch_line":"Employee benefit trust distribution","url":"\/55.1-2520\/","token":"55.1\/V\/25\/1\/55.1-2520","metadata":false},{"id":75309,"structure_id":13771,"section_number":"55.1-2521","catch_line":"Holder of tangible or intangible personal property may voluntarily report such property","url":"\/55.1-2521\/","token":"55.1\/V\/25\/1\/55.1-2521","metadata":false}],"previous_section":{"id":65666,"structure_id":13771,"section_number":"55.1-2502","catch_line":"Taking custody of intangible unclaimed property; general rules","url":"\/55.1-2502\/","token":"55.1\/V\/25\/1\/55.1-2502","metadata":false},"next_section":{"id":73776,"structure_id":13771,"section_number":"55.1-2504","catch_line":"Traveler's checks and money orders","url":"\/55.1-2504\/","token":"55.1\/V\/25\/1\/55.1-2504","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2503\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 121 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 8 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 294; in 1991, chapter 357; in 1995, chapter 624<\/a>; in 1996, chapter 419<\/a>; in 2000, chapters 733<\/a> and 745<\/a>; in 2008, chapters 90<\/a> and 556<\/a>; in 2018, chapters 359<\/a> and 439<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":65666,"section_number":"55.1-2502","catch_line":"Taking custody of intangible unclaimed property; general rules","order_by":null,"url":"\/55.1-2502\/"},{"id":84632,"section_number":"55.1-2522","catch_line":"Certain property not presumed abandoned in the Commonwealth","order_by":null,"url":"\/55.1-2522\/"}],"refers_to":[{"id":53937,"section_number":"55.1-2524","catch_line":"Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner","order_by":null,"url":"\/55.1-2524\/"}],"permalink":{"id":247959,"object_type":"law","relational_id":77387,"identifier":"55.1-2503","token":"55.1\/V\/25\/1\/55.1-2503","url":"\/55.1-2503\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2503\/","token":"55.1\/V\/25\/1\/55.1-2503","dublin_core":{"Title":"Bank deposits and funds in financial organizations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2503","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any demand, savings, or matured time deposit with a banking or financial organization<\/span>, including deposits that are automatically renewable, and any funds paid toward the purchase of shares, a mutual investment certificate, or any other interest in a banking or financial organization<\/span> is presumed abandoned unless the owner<\/span> has, within five years: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> In the case of a deposit or ownership of shares, increased or decreased the amount of the deposit or the number of shares owned, or presented the passbook or other similar evidence<\/span> of the deposit or ownership of shares for the crediting of interest or dividends, or negotiated a check in payment of interest or dividends on a time deposit or ownership of shares; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Communicated in writing with the banking or financial organization<\/span> concerning the property<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Otherwise indicated an interest in the property<\/span> as evidenced by a memorandum<\/span> or other record on file prepared by an employee of the banking or financial organization<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Owned other property<\/span> to which subdivision 1, 2, or 3 is applicable if the banking or financial organization<\/span> communicated in writing with the owner<\/span> with regard to the property<\/span> that would otherwise be presumed abandoned under this section at the address to which communications regarding the other property<\/span> regularly are sent; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Had another relationship with the banking or financial organization<\/span> concerning which the owner<\/span> has (i) communicated in writing with the banking or financial organization<\/span>, or (ii) otherwise indicated an interest as evidenced by a memorandum<\/span> or other record on file prepared by an employee of the banking or financial organization<\/span> if the banking or financial organization<\/span> communicates in writing with the owner<\/span> with regard to the property<\/span> that would otherwise be abandoned under this section at the address to which communications regarding the other relationship regularly are sent; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A deposit made with or purchase of shares in a banking or financial organization<\/span> by a court<\/span> or by a guardian pursuant to an order<\/span> of a court<\/span> or by any other person<\/span> for the benefit of a person<\/span> who was an infant at the time of the making of such deposit or purchase of shares, which deposit or ownership of shares is subject to withdrawal or transfer only upon the further order<\/span> of such court<\/span> or such guardian or other person<\/span>, shall not be subject to the provisions of this chapter until one year after such infant attains the age of 18 years or until one year after the death of such infant, whichever occurs sooner. These accounts are not subject to dormant service charges. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any other provision of this section, share accounts of a member of a state or federally chartered credit union that is subject to or covered by life savings insurance provided by the credit union at no additional charge to the member shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the credit union discontinued the mailings to the member, whichever occurs earlier. Funds held or owing under the life savings insurance policy are presumed abandoned pursuant to § 55.1-2507<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For purposes of this section, “property<\/span>” includes any interest or dividends thereon. No banking or financial organization<\/span> may deduct any service charge or cease to accrue interest on any account from the date the account is declared dormant or inactive by such organization except in conformity with cessation of interest or service charges generally assessed upon active accounts and except as provided in this section. With respect to any property<\/span> described in this section, a holder<\/span> may not impose any charges due to dormancy or inactivity that differ from charges imposed on active accounts or cease to pay interest due to dormancy or inactivity that differs from the cessation of payment of interest on active accounts unless: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> There is an enforceable contract<\/span> between the holder<\/span> and the owner<\/span> of the property<\/span> pursuant to which the holder<\/span> may impose those charges or cease payment of interest; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For property<\/span> in excess of $100, the holder<\/span>, no more than three months prior to the initial imposition of those charges or cessation of interest, has given written notice to the owner<\/span> of the amount of those charges at the last known address<\/span> of the owner<\/span> stating that those charges will be imposed or that interest will cease; however, such notice need not be given with respect to charges imposed or interest ceased before July 1, 1984; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> When the holder<\/span> receives a request from the owner<\/span> of the property<\/span> to reverse<\/span> or cancel dormancy charges or retroactively credit interest with respect to such property<\/span>, the holder<\/span> may at its option either:\n\t\t\t\ta. Reverse<\/span> or cancel dormancy charges or retroactively credit interest with respect to any such property<\/span>, in which event the holder<\/span> shall reverse<\/span> or cancel dormancy charges or retroactively credit interest for all such property<\/span> that becomes subject to the reporting requirements in § 55.1-2524<\/a> for the Department of the Treasury; or\n\t\t\t\tb. Not reverse<\/span> or cancel dormancy charges or retroactively credit interest with respect to any such property<\/span>, in which event the holder<\/span> shall not be required to reverse<\/span> or cancel dormancy charges or retroactively credit interest for any such property<\/span> that becomes subject to the reporting requirements in § 55.1-2524<\/a> for the Department of the Treasury; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The holder<\/span> may at its option reverse<\/span> or cancel dormancy charges or retroactively credit interest with respect to any or all such property<\/span> to correct a documented internal error without becoming required to reverse<\/span> or cancel dormancy charges or retroactively credit interest for all such property<\/span> that becomes subject to the reporting requirements in § 55.1-2524<\/a> for the Department of the Treasury.\n\t\t\t\tNotwithstanding any provision of this subsection to the contrary, a holder<\/span> that is a state-chartered credit union may refund charges or reverse<\/span> or cancel those charges or retroactively credit interest with respect to such property<\/span> to the same extent that a federally chartered credit union is authorized to do so pursuant to applicable provisions of federal law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any automatically renewable property<\/span> to which this section applies is matured upon the expiration of its initial time period. However, in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization<\/span> or otherwise indicates consent as specified in subsection A, the property<\/span> is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in subsection D of § 55.1-2524<\/a>, a penalty<\/span> or forfeiture in the payment of interest would result from the delivery of the property<\/span>, the time for delivery is extended until the time when no penalty<\/span> or forfeiture would result. Notwithstanding any other provision of this section to the contrary, any automatically renewable time deposit that has matured shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the holder<\/span> discontinued the mailings to the apparent owner<\/span>, whichever occurs earlier. However, any automatically renewable time deposit for which no such statement or other notification or mailing is required to be sent by the banking or financial organization<\/span> shall be presumed abandoned as otherwise provided in this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBANK DEPOSITS AND FUNDS IN FINANCIAL ORGANIZATIONS (\u00a7 55.1-2503)\n\nA. Any demand, savings, or matured time deposit with a banking or financial\norganization, including deposits that are automatically renewable, and any funds\npaid toward the purchase of shares, a mutual investment certificate, or any\nother interest in a banking or financial organization is presumed abandoned\nunless the owner has, within five years:\n\n 1. In the case of a deposit or ownership of shares, increased or decreased the\n amount of the deposit or the number of shares owned, or presented the passbook\n or other similar evidence of the deposit or ownership of shares for the\n crediting of interest or dividends, or negotiated a check in payment of\n interest or dividends on a time deposit or ownership of shares;\n\n 2. Communicated in writing with the banking or financial organization\n concerning the property;\n\n 3. Otherwise indicated an interest in the property as evidenced by a\n memorandum or other record on file prepared by an employee of the banking or\n financial organization;\n\n 4. Owned other property to which subdivision 1, 2, or 3 is applicable if the\n banking or financial organization communicated in writing with the owner with\n regard to the property that would otherwise be presumed abandoned under this\n section at the address to which communications regarding the other property\n regularly are sent;\n\n 5. Had another relationship with the banking or financial organization\n concerning which the owner has (i) communicated in writing with the banking or\n financial organization, or (ii) otherwise indicated an interest as evidenced\n by a memorandum or other record on file prepared by an employee of the banking\n or financial organization if the banking or financial organization\n communicates in writing with the owner with regard to the property that would\n otherwise be abandoned under this section at the address to which\n communications regarding the other relationship regularly are sent; or\n\n 6. A deposit made with or purchase of shares in a banking or financial\n organization by a court or by a guardian pursuant to an order of a court or by\n any other person for the benefit of a person who was an infant at the time of\n the making of such deposit or purchase of shares, which deposit or ownership\n of shares is subject to withdrawal or transfer only upon the further order of\n such court or such guardian or other person, shall not be subject to the\n provisions of this chapter until one year after such infant attains the age of\n 18 years or until one year after the death of such infant, whichever occurs\n sooner. These accounts are not subject to dormant service charges.\n\nB. Notwithstanding any other provision of this section, share accounts of a\nmember of a state or federally chartered credit union that is subject to or\ncovered by life savings insurance provided by the credit union at no additional\ncharge to the member shall be presumed abandoned five years after the date of\nthe second mailing of a statement of account or other notification or\ncommunication that was returned as undeliverable or five years after the date\nthe credit union discontinued the mailings to the member, whichever occurs\nearlier. Funds held or owing under the life savings insurance policy are\npresumed abandoned pursuant to § 55.1-2507.\n\nC. For purposes of this section, “property” includes any interest or\ndividends thereon. No banking or financial organization may deduct any service\ncharge or cease to accrue interest on any account from the date the account is\ndeclared dormant or inactive by such organization except in conformity with\ncessation of interest or service charges generally assessed upon active accounts\nand except as provided in this section. With respect to any property described\nin this section, a holder may not impose any charges due to dormancy or\ninactivity that differ from charges imposed on active accounts or cease to pay\ninterest due to dormancy or inactivity that differs from the cessation of\npayment of interest on active accounts unless:\n\n 1. There is an enforceable contract between the holder and the owner of the\n property pursuant to which the holder may impose those charges or cease\n payment of interest;\n\n 2. For property in excess of $100, the holder, no more than three months prior\n to the initial imposition of those charges or cessation of interest, has given\n written notice to the owner of the amount of those charges at the last known\n address of the owner stating that those charges will be imposed or that\n interest will cease; however, such notice need not be given with respect to\n charges imposed or interest ceased before July 1, 1984;\n\n 3. When the holder receives a request from the owner of the property to\n reverse or cancel dormancy charges or retroactively credit interest with\n respect to such property, the holder may at its option either:\n \t\t\t\ta. Reverse or cancel dormancy charges or retroactively credit interest\n with respect to any such property, in which event the holder shall reverse or\n cancel dormancy charges or retroactively credit interest for all such property\n that becomes subject to the reporting requirements in § 55.1-2524 for the\n Department of the Treasury; or\n \t\t\t\tb. Not reverse or cancel dormancy charges or retroactively credit interest\n with respect to any such property, in which event the holder shall not be\n required to reverse or cancel dormancy charges or retroactively credit\n interest for any such property that becomes subject to the reporting\n requirements in § 55.1-2524 for the Department of the Treasury; and\n\n 4. The holder may at its option reverse or cancel dormancy charges or\n retroactively credit interest with respect to any or all such property to\n correct a documented internal error without becoming required to reverse or\n cancel dormancy charges or retroactively credit interest for all such property\n that becomes subject to the reporting requirements in § 55.1-2524 for the\n Department of the Treasury.\n \t\t\t\tNotwithstanding any provision of this subsection to the contrary, a holder\n that is a state-chartered credit union may refund charges or reverse or cancel\n those charges or retroactively credit interest with respect to such property\n to the same extent that a federally chartered credit union is authorized to do\n so pursuant to applicable provisions of federal law.\n\nD. Any automatically renewable property to which this section applies is matured\nupon the expiration of its initial time period. However, in the case of any\nrenewal to which the owner consents at or about the time of renewal by\ncommunicating in writing with the banking or financial organization or otherwise\nindicates consent as specified in subsection A, the property is matured upon the\nexpiration of the last time period for which consent was given. If, at the time\nprovided for delivery in subsection D of § 55.1-2524, a penalty or\nforfeiture in the payment of interest would result from the delivery of the\nproperty, the time for delivery is extended until the time when no penalty or\nforfeiture would result. Notwithstanding any other provision of this section to\nthe contrary, any automatically renewable time deposit that has matured shall be\npresumed abandoned five years after the date of the second mailing of a\nstatement of account or other notification or communication that was returned as\nundeliverable or five years after the date the holder discontinued the mailings\nto the apparent owner, whichever occurs earlier. However, any automatically\nrenewable time deposit for which no such statement or other notification or\nmailing is required to be sent by the banking or financial organization shall be\npresumed abandoned as otherwise provided in this section.\n\nHISTORY: 1984, c. 121, \u00a7 55-210.3:01; 1985, c. 294; 1991, c. 357; 1995, c. 624;\n1996, c. 419; 2000, cc. 733, 745; 2008, cc. 90, 556; 2018, cc. 359, 439; 2019,\nc. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}