Mon, Jan 9, 2023 1:00 PM
By Ria Roebuck Joseph, Center Square contributor, The Center Square
Oregon’s state treasurer announced plans to return over $10 million in unclaimed funds to Oregonians. Oregon Treasurer Tobias Read revealed in a statement that the amount is the most ever disbursed in the history of Oregon’s Unclaimed Property Program.
The state currently holds more than $1billion in unclaimed assets that Read hopes to address through the initiative. These funds originate from various organizations which were unable to return uncashed checks, refunds, credit balances, investment account balances, payroll checks, and other forms of payments to owners.
“We’re excited to return millions of dollars in unclaimed funds to their rightful owners.” Read stated.
Oregonians who went through the verification process and filed claims in 2018 can expect payments in February. For claims filed in 2019, refunds would be disbursed in April, and claims filed in 2020 would be paid out in June.
The “Checks Without Claims” initiative will proactively identify and verify some owners of unclaimed funds and process payments to be made directly to the owners.
Check amounts range from $50 to $10,000. Public Information Director for the Oregon Treasury, Eric Engelson explained that the unclaimed property data system sets a $10,000 cap on checks. That's the highest limit that can go through the automated approval process. Amounts exceeding that limit has to be manually verified and approved by the treasury’s unclaimed property team.
Notification letters from Treasurer Read would be issued to verified owners one month prior to payment. The mailed checks will be accompanied by a confirmation letter. Anyone who receives a letter about an upcoming check is advised not to file a claim until the check is received. Payment could be delayed by claims filed after notification.
It's important to note that the initiative does not include claims on safety deposit boxes, securities or co-owned properties. Information on claims of such assets can be found at: unclaimed.oregon.gov.
Individuals who believe they may have unclaimed funds can make inquiries to “Checks without Claims” at 503-378-4000 or contact the Oregon’s Unclaimed Property Program by email at [email protected].
General information can be found on the Treasury information page at unclaimed.oregon.gov.
A FAQs page on “Checks Without Claims” can be found here: unclaimed.oregon.gov/app/checks-without-claims.