PORTLAND, Ore. -- The state of Oregon is sitting on $600 million in unclaimed property. Some of it could be yours.
Whose money is it?
It’s your money. The unclaimed property comes from businesses like banks, insurance companies or former employers that can’t find you for one reason or another.
Do people really have money waiting?
Yes. Millions of people have money waiting to be claimed. Most claims are less than $250. KGW was able to help find several people with unclaimed money, including a Beaverton woman who will get a check for $102,495.
I’ve checked before, should I check again?
Definitely. Each year the reported amounts of unclaimed money grows. People should search the database regularly. You should also search other states where you have lived. They too might have money waiting to be claimed. Here’s a link to search in other states
Does the state notify people?
The Oregon Department of State Lands, which administers the unclaimed property program will send a letter to anyone with claims above $250. If you have less than $250, you will not be notified. Your name will appear on the website.
Last month, the unclaimed property program found a woman in Washington County who had $500,000 waiting to be claimed.
“She was ecstatic,” said claims examiner Tammy Palmer. “To get $500,000 that you knew nothing about. It is a life changer.”
How do I collect my unclaimed money?
If you have unclaimed money, you will need to file a claim with the state. You will be required to provide evidence, including identification and documentation.
How long does it take to get your money?
State law requires claims to be completed within 120 days, unless there are complications with your claim. Recently, claims have taken roughly 100 days to process.
“We have way too many claims and not enough staff to process them,” explained Patrick Tate, Trust Property Manager with Oregon Department of State Lands.
Is there a deadline to file my claim?
No, there’s no hurry. Unclaimed money is not spent by the state of Oregon. It is held in trust forever in the Common School Fund. Investment earnings go to Oregon’s public schools.