West Virginia has made changes to the NAUPA approved Property Type Code Table in an effort to simplify reporting and work toward uniformity within unclaimed property reporting.
The following Property Codes will no longer be used for West Virginia:
AC11 Non-Interest Bearing Checking Accounts
AC12 Interest Bearing Checking Accounts
AC13 Non-Interest Bearing Savings Accounts
AC14 Interest Bearing Savings Accounts
AC16 Non-Interest Bearing Christmas and Vacation Club Funds
As a result, all Checking Accounts should be identified as AC01 Checking Accounts whether they are interest-bearing or not.
All Savings Accounts should be identified as AC02 Savings Accounts whether interest-bearing or not.
Any Christmas or Vacation Club accounts should be identified as AC04 Christmas Club Accounts, again whether interest-bearing or not.
Since West Virginia does continue to pay any interest rate reported for 3 years after the report is filed, please continue to indicate the interest rate for all interest-bearing property.
Author: Danielle Herring
Product Manager, UPExchange
Labels: UP Compliance
