(KOIN) PORTLAND, OR – Oregonians will get almost $3 million in unclaimed checks in February, and millions more will be given in the following months.
The Oregon State Treasury is striving to give Oregonians their money back from the years 2018, 2019, and 2020 that have gone unclaimed. Unclaimed money can consist of a variety of things, such as uncashed checks, forgotten bank accounts, tax refunds, credit card balances, investment accounts, payroll checks, and more.
To obtain the money they are owed, persons typically have to submit a claim with Oregon’s Unclaimed Property Program. However, starting in 2023, the Treasury Department will be performing “Checks Without Claims” to proactively find certain owners of unclaimed property and send their payments to them.
“We can confirm a person’s identification and address to ensure that they are the correct individual. Tobias Read, the state treasurer, told KOIN 6 News that “we can send the check right to those persons.”
To each person they will mail a check to, the state has sent letters.
8,000 cheques ranging in value from $50 to $10,000 will be sent to Oregon residents by the Treasury in February.
The Treasury intends to restore roughly $10 million in unclaimed payments to Oregonians by June 2023 under the Checks Without Claims initiative.
It will compensate confirmed owners of unclaimed assets who reported them to the state in 2018 in February. It will provide unclaimed funds from 2019 that were reported to the state in April, and it will send unclaimed funds from 2020 that were reported in June.
Since taking over management of unclaimed property from the Oregon Department of State Lands about a year ago, the Oregon State Treasury has been making efforts to be more proactive in remitting unclaimed monies to their proper owners. According to Read, the Treasury is attempting to catch up on unclaimed funds that accumulated between 2018 and 2020 as a result.
This is Oregon’s Unclaimed Property Program’s largest mass distribution of money to date. Even while it might seem like a lot, only a small portion of Oregon’s unclaimed property has been returned to its owners—$10 million.
Currently, the state is holding almost $1 billion in unclaimed money.
Anyone interested in reclaiming their funds can search for themselves on unclaimed.oregon.gov.
People who received letters from the Checks Without Claims programme advising them of upcoming checks should wait for the check to arrive rather than making an online claim.
Money that has not been claimed serves as the principal for the Common School Fund. The money’s interest income supports K–12 education in Oregon. The principle amount may be reduced at any moment.
“Despite our best efforts, people continue to forget fresh information. As a result, when new funding is received, we reopen the search for the true owners of the cash, Read explained.
The treasurer also reminds residents of Oregon that the state hangs onto unclaimed property so that its rightful owner or next of kin can claim it. Occasionally, artefacts like jewels, coins, works of art, literature, and medals from the military are found in safe deposit boxes.
The state will eventually organise an auction for some objects if they go unclaimed for a long time. The state will make an effort to return more sentimental objects, such service medals, to family members.
The daughter of a World War II veteran who took part in the Battle of Anzio recalls one event in which Read gave her a bronze star. She was an Umatilla Tribe member.
Dollars and cents matter to people, but it’s also these important things that evoke memories and connections with people, he added. “That’s something I always think about.”
Read advises everyone to take the time to check the Oregon State Treasury’s website to see if there is anything they may claim, whether it is money or a long-lost precious item.