Oregon Treasurer Tobias Read has announced plans for his agency to return approximately $10 million in unclaimed funds as part of the “Checks Without Claims” initiative. Oregon’s Unclaimed Property Program will conduct their largest mass disbursement to date through their 2023 effort.
Read expressed his delight with returning millions in unclaimed funds oregon back to their rightful owners, in addition to collecting and protecting Oregonians’ unclaimed property. Treasury is dedicated to raising awareness across Oregon as well as offering easy ways for individuals to find and claim funds due to them.
Treasury will use “Checks Without Claims” to return unclaimed funds to individuals over three phases during the first half of 2023.
In February, the state will distribute payments to verified owners of unclaimed funds reported to it in 2018.
In April, the second phase will commence distributing payments to verified owners of funds reported unclaimed to the state in 2019.
In June, the third phase will provide payments to verified owners of unclaimed funds reported to the state during 2020.
Individuals identified as owners of funds currently held by Oregon’s Unclaimed Property Program will be informed via letter from Treasurer Read a month in advance if their payment falls under Oregon’s “Checks Without Claims” initiative. Payments via check will then be mailed directly to them along with an accompanying confirmation letter from Treasurer Read.
As Oregon Treasury holds over $1 billion in unclaimed funds and property belonging to Oregonians who remain unclaimed, “Checks Without Claims” offers one way for more Oregonians to connect with their money or property that remains unclaimed.
“Checks Without Claims” payments represent unclaimed property reported to the state by various businesses and organizations between 2018-20 who were unable to return funds back to their rightful owners.
Unclaimed property typically includes uncashed checks, forgotten bank accounts, tax refunds, credit balances in investment accounts, payroll checks or refunds owed from employers and more.
Individuals owing funds must typically file a claim with Oregon’s Unclaimed Property Program and complete its verification process to get them. Treasury periodically conducts “Checks Without Claims”, in order to proactively verify some owners of unclaimed assets and facilitate direct payments directly. Check amounts vary between $50 and $10,000.
Checks Without Claims is designed to avoid payments to owners of more complex claims such as safety deposit boxes, securities, or co-owned property. Individuals seeking funds not distributed through “Checks Without Claims” can search for an unclaimed asset and file their own claim at unclaimed.oregon.gov.
The Unclaimed Property Program advises individuals who receive letters about forthcoming checks to wait until their checks arrive rather than filing online claims – doing so could delay payment being received.
In 2021, Oregon’s Unclaimed Property Program transitioned from Oregon Treasury Department of State Lands to Treasury. Since that time, they have completed over 47,000 claims worth $65.4 million for Oregonians both current and former.
Searching for unclaimed funds is both free and simple with the Oregon Treasury, with individuals encouraged to visit its unclaimed property website at unclaimed.oregon.gov for further assistance.
Information on Oregon’s “Checks Without Claims” can be found online at unclaimed.oregon.gov/app/checks-without-claims, while any questions about unclaimed funds or “Checks Without Claims” should be directed to Oregon’s Unclaimed Property Program either via email claims@ost.state.or.us or phone at 503-378-4000.
Oregon Treasury: About Oregon State
Oregon State Treasury works to enhance Oregonians’ financial well-being. We provide low-cost banking, debt management and investment programs for governments; as well as empower Oregonians to invest in themselves and their loved ones through programs like Oregon College Savings Plan, Oregon ABLE Savings Plan and OregonSaves.
