State to mail $5 million in unclaimed funds to Oregonians

Small part of $700 million in unclaimed funds for 3 million owners

SALEM, Ore. (KTVZ) -- About $5 million will be sent to current and former Oregonians this fall when the state Unclaimed Property Program initiates an historic distribution of unclaimed funds.

Beginning in mid-October, people will begin to receive letters informing them of the forthcoming checks. The initial letter will be followed by a subsequent letter and check in early November.

The checks are funds -- referred to as unclaimed property -- that have been reported to the state by companies and organizations that do business with Oregonians and have been unable to return the money to the correct owner.

Common examples of unclaimed property include uncashed checks, forgotten bank accounts, security deposits, tax refunds, credit balances, investment accounts, payroll checks, refunds and more.

Typically, people need to file a claim with the unclaimed property program to receive the funds they are owed.

However, given the unprecedented financial uncertainties and difficulties many are facing, the state has determined, for the first time ever, the funds will be directly mailed to the correct owner.

Checks distributed will vary in amount between $50 and $2,500, depending on the amount of unclaimed property each recipient is owed and based on criteria described at unclaimed.oregon.gov.

While $5 million is being distributed this fall, the unclaimed property program holds more than $700 million in unclaimed funds for 3 million owners.

To recover funds not distributed this fall, property owners can file a claim at unclaimed.oregon.gov. The Unclaimed Property Program advises people who receive letters about the forthcoming checks to wait for the checks to arrive, as filing a claim may delay processing by 6 to 7 months.

Questions about unclaimed funds can be directed to the Oregon Unclaimed Property Program via email, claims@dsl.state.or.us or phone, (503) 986–5251 or (503) 986-5200.

The Oregon Unclaimed Property Program is administered by the Oregon Department of State Lands. The program, which has been in existence since 1957, works with business to ensure they are compliant with Oregon unclaimed property laws, while returning unclaimed funds to current and former Oregonians. While funds are waiting to be claimed by owners, they are held in the Common School Fund, where they earn interest and benefit Oregon public schools.