PORTLAND, Ore. — The state of Oregon will send out about $10 million worth of checks this month to people who have unclaimed property from 2021 and 2022, State Treasurer Tobias Read announced Friday.
Oregon has about a total of about $1 billion in unclaimed property. It comes from businesses like banks, insurance companies or former employers that can't find you for one reason or another. Most of the time, people can search to see if they have unclaimed property and if they do, file a claim with the Oregon Unclaimed Property Program and complete a verification process to receive their funds.
But through the state's Checks Without Claims initiative, Oregon will proactively send out checks to verified owners of unclaimed property received by the state in 2021 and 2022.
"We're excited to reconnect thousands of individuals with their unclaimed funds without requiring any action on their part," Read said. "In addition to collecting and safeguarding Oregonians' unclaimed property, Treasury is committed to returning these assets and helping to bolster our citizen's financial well-being."
The state will send out payments to about 25,000 people who have unclaimed property from 2021 and 2022. The checks will vary in amount from $50 to $10,000, the state said. The checks will be mailed to people in February and will include an additional confirmation letter from the treasurer.
Here are some questions and answers about unclaimed property in Oregon:
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. Nearly one in seven people in the United States have money waiting to be claimed. Most claims are less than $250.
I’ve checked before. Should I check again?
Definitely. Each year, the reported amount 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.
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.
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.
Resources
Search for unclaimed funds at unclaimed.oregon.gov.
To learn more about Checks Without Claims, visit the program's website.
Have questions about unclaimed funds or Checks Without Claims? Email them to claims@ost.state.or.us or call 503-378-4000.