Oregon Treasury Finds Owners of $3.5M in Unclaimed Funds

PORTLAND, Ore.– In April, Oregonians will get more money because the state treasurer’s office is working to get people their lost checks.

On April 14, the Oregon State Treasury will give $3.5 million to about 8,800 people who haven’t claimed funds from 2018, 2019, and 2020. This is part of their ongoing efforts to get people their money.

This $3.5 million payment is for unclaimed money that was turned in to the state in 2019. In February, the state issued more than $3 million in unclaimed funds from 2018 and in June it will send the third wave of unclaimed funds that were reported to the state in 2020.

Oregon Treasury Finds Owners of $3.5M in Unclaimed Funds

Uncashed checks, forgotten bank accounts, tax refunds, credit card balances, investment accounts, payroll checks, and other types of money can be left behind.

Typically, people need to file a claim with Oregon’s Unclaimed Property Program to receive the funds they’re owed. But in 2023, the treasurer’s office will run a program called “Checks Without Claims” to find the owners of some unclaimed assets and send payments directly to them.

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Before sending money in February and again in April, the Oregon State Treasury checks a person’s name and address to make sure they are who they say they are. The state sends letters to everyone to whom it will mail a check so that the person knows when to expect it and so that the state can verify their address.

With the third phase of checks, the state will begin sending those initial letters out on May 1.

Through the Checks Without Claims initiative, the treasury plans to return approximately $10 million in unclaimed funds to Oregonians by June 2023.

The Oregon Department of State Lands used to be in charge of unclaimed property, but in July 2021, that job was given to the Oregon State Treasury. Tobias Read, the treasurer, told that the treasury was trying to catch up on unclaimed funds from 2018 to 2020.

This is the most money that Oregon’s Unclaimed Property Program has given out all at once so far. While returning $10 million to people may seem like a lot, it’s only a fraction of what remains to be claimed in Oregon.

The state has more than $1 billion in unclaimed funds right now. Anyone can find their money by going to unclaimed.oregon.gov and searching for their name.

People who received letters informing them about forthcoming checks from the Checks Without Claims initiative should wait for the check to arrive rather than submit a claim online.

While money remains unclaimed, it serves as the principal amount in the Common School Fund. The money’s interest is used to pay for K–12 education in Oregon. At any time, money can be taken out of the principal amount.

The state also keeps unclaimed property, which can be given back to the rightful owner or a relative. This includes things like jewelry, coins, art, books, and military medals that are sometimes found in safe deposit boxes.

Some items that have been left unclaimed for a long time will be sold at auction by the state. For more important items, like military medals, the state will try to get them back to the people who care about them.

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Louis
Louis Ebert

Louis Ebert is a talented content writer with a passion for creating compelling stories and informative articles. With years of experience in writing, Louis has honed their skills in crafting engaging content that resonates with readers. As a content writer for Focushillsboro.com, Louis explores the many facets of life in Hillsboro and the surrounding areas. From delving into the latest trends in local business to highlighting community events and leaders, their writing offers a unique perspective that captures the essence of the area.

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