Oregon Treasurer Tobias Read announced Oregon Treasury’s plan to return nearly $10 million in unclaimed funds as part of their “Checks Without Claims” initiative in 2023, marking Unclaimed Property Oregon Program’s largest mass disbursement to date.
Treasurer Read is delighted that millions of dollars in unclaimed funds will soon be returned to their owners, adding, “We’re excited about returning millions in unclaimed funds back into Oregonians’ hands and providing easy, accessible ways for individuals to locate and claim it.” “Treasury’s commitment goes beyond collecting Oregonians’ unclaimed property: in addition to raising awareness across Oregon and providing safekeeping, Treasury also seeks to raise awareness and provide easy ways for individuals find and claim what belongs to them.
Treasury’s “Checks Without Claims” initiative will return unclaimed funds to individuals gradually over three phases in the first half of 2023.
- In February 2019, the first phase will release payments to verified owners of unclaimed funds reported to the state in 2018.
- In April, the second phase will involve disbursing payments to owners who reported unclaimed funds to the state during 2019.
- In June, the third phase will distribute payments to verified owners of unclaimed funds reported to the state in 2020.
Individuals identified as owners of unclaimed funds held by Oregon’s Unclaimed Property Program will be informed via letter from Treasurer Read one month prior to being included in Oregon’s “Checks Without Claims” initiative and their payments, via check, will be sent with a separate confirmation letter.
“Checks Without Claims” is Oregon’s way of reconnecting Oregonians with over $1 billion worth of unclaimed funds that currently reside with the state. Payments issued under “Checks Without Claims” represent unclaimed property reported by businesses and organizations to Oregon in 2018, 2019 and 2020 that were unable to return funds directly back to their rightful owners; such items include uncashed checks, forgotten bank accounts, tax refunds, credit balances, investment accounts, payroll checks refunds and more.
Individuals typically need to file claims with Oregon’s Unclaimed Property Program and complete its verification process in order to collect funds they are due. Treasury offers “Checks Without Claims”, where checks may range between $50 and $10,000 in value and direct payments can be made directly.
Checks Without Claims is designed to exclude payments to more complex claims such as safety deposit boxes, securities or co-owned property owners. In order to recover funds not distributed as part of this initiative, individuals can search for an unclaimed asset and file a claim at unclaimed.oregon.gov. However, the Unclaimed Property Program advises recipients who receive letters about forthcoming checks to wait before filing online claims as doing so may delay receiving payment.
In July 2021, Oregon’s Unclaimed Property Program moved from Oregon Department of State Lands to Treasury. Since that time, over 47,000 claims have been processed with total payments totaling $65.4 million being returned back to current and former Oregonians.
Searching for unclaimed funds is free and straightforward; individuals interested should visit Treasury’s Unclaimed Property Website at unclaimed.oregon.gov to begin their search.
Information regarding “Checks Without Claims” can be found online at unclaimed.oregon.gov/app/checks-without-claims, while any inquiries about unclaimed funds or “Checks Without Claims” should be directed to Oregon’s Unclaimed Property Program via email at claims@ost.state.or.us or phone at 503-378-4000.
Oregon State Treasurys: Overview and Information About
Oregon State Treasury strives to enhance Oregonians’ financial wellbeing. We offer affordable banking, debt management and investment programs for governments while encouraging Oregonians to save for themselves and their loved ones with Oregon College Savings Plan, Oregon ABLE Savings Plan, OregonSaves.
