Finance Local News Oregon

$10 Million Unclaimed Funds in Oregon; Search For Rightful Owners Begin

$10 Million Unclaimed Funds in Oregon; Search For Rightful Owners Begin

Salem, Oregon: The Oregon State Treasury is taking proactive steps to return approximately $10 million in unclaimed property to individuals, beginning this month. This initiative, known as ‘Checks Without Claims,’ aims to ensure that rightful owners receive their funds.

“It is with great enthusiasm that we announce the retrieval of unclaimed funds for thousands of individuals, without them having to take any action,” stated State Treasurer Tobias Read. “Our priority is to protect and preserve the unclaimed property of Oregonians, while also ensuring that these assets are returned to their rightful owners, thus contributing to the financial stability of our citizens.”

As part of the initiative, the Treasury will distribute payments to individuals who have been confirmed as the rightful owners of unclaimed property that was reported to the state’s Unclaimed Property Program in 2021 and 2022.

“Payments will be mailed to individuals this month and will be accompanied by an additional confirmation letter from the Treasurer,” the release stated.

In 2023, the state’s program successfully reunited over 18,000 individuals from 48 states with their unclaimed funds.

Oregon’s ‘Checks Without Claims’ program is just one of the many initiatives aimed at helping residents reclaim over $1 billion in unclaimed money held by the state.

Read More: Financial Aid Arriving in Oregon; Check Details of When and How

The release stated that the payments distributed through ‘Checks Without Claims’ are funds that were reported to the state in 2021 and 2022 as unclaimed property by different businesses and organizations, which were unable to return the funds to the rightful owner.

“Various types of unclaimed property can be found, such as uncashed checks, forgotten bank accounts, tax refunds, credit balances, investment accounts, payroll checks, refunds, and more.”

According to the release, a significant number of Americans have unclaimed property. In the latest fiscal year, a staggering amount of over $5.4 billion in unclaimed property was successfully returned to its rightful owners across the nation, as stated in the release.

Typically, individuals are required to submit a claim to Oregon’s Unclaimed Property Program and complete the verification process in order to receive the funds owed to them by the state.

The Treasury is actively verifying owners of unclaimed assets and facilitating direct payments to them through the ‘Checks Without Claims’ initiative, according to a recent release.

Checks will be issued in a range of amounts, from $50 to $10,000.

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