White River Valley Electric Cooperative customers could get money owed to them in form of unclaimed property
BRANSON, Mo. (KY3) - Customers of the White River Valley Electric Cooperative may be able to get money owed to them in the form of unclaimed property. White River Valley Electric Cooperative customers from 2018 or 2019 may be owed money as a result of an account balance, refund or deposit.
The co-op’s manager of finance, Tim Shafer, says when a member leaves its service, it tries to get any type of refund back to the customer, but there may be checks that go uncashed.
“This process occurs every single year,’ Shafer says. “We analyze all inactive balances where we have tried to reach out to our members and they have not cashed the inactive balance. Then that goes into this fund that we’re continually trying to reach out to our members.”
Shafer says those funds are considered to be unclaimed property by the state and their customers, or owners of that unclaimed property, must claim it. One customer, Bill Wisner, tells me he’s gotten multiple refunds over the years.
“It’s a paper that they send out telling you how much you’re getting and that’s what you get,” Wisner says. “It’s nice. We appreciate it.”
From the day the list is put online by White River, a member has two years to claim that money.
“The state statute says after the two years, we have the ability to give those funds to a not-for-profit and we can cease trying to find that member,” Shafer says.
That Missouri state statute says if the co-op doesn’t return the money to the customers or donate it to a nonprofit, it has to give it to the state as unclaimed property. Shafer says a majority of the customers who get refunds are those who are no longer members of White River and they have a small credit balance. He says about 90% of the refunds are for under $50.
“We have a very strong effort of returning such funds to them prior to going to the last effort of donating it to our operation roundup,” Shafer says. “We strive to get the funds back to our membership.”
Customers can find out online if they are owed money.
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