The Oregon Department of State Lands, who handles unclaimed money for the state sent letters to current and former residents in October detailing their unclaimed property and money owed to them. This week the department is mailing actual checks to those residents. According to a report, 11,000 current and former Oregon residents will be sent money that is owed to them totaling over $3.2 million. The amounts range from $50 to $2500:
Each check represents a unique sum of unclaimed funds — referred to as unclaimed property — owed to each person by a business or organization that was unable to return the money to its owner. Common examples of unclaimed property include uncashed checks, forgotten bank accounts, security deposits, tax refunds, credit balances, investment accounts, payroll checks, refunds and more.
When businesses lose contact with their patrons for a certain time, they are required under state law to turn over funds held for those individuals to Oregon’s Unclaimed Property Program. The funds are held in a central repository until they are reunited with their owner or heir — typically when a claim is filed.
Oregon Holding Over $720 Million In Unclaimed Money
As of this past July, Oregon is holding over $720 million in unclaimed property and money. To date, the state has returned over $419 million to its rightful owners according to the live counter on their website. Most of the claims are less than $250, but there are some larger amounts out there. One woman in Washington county was reunited with $500,000. The owner truly knew nothing about the money, so life changing amounts are out there for sure!
Oregon also holds tangible property that has become unclaimed. One of the unique items it holds is military medals. There is a specific section on the website to help former military members locate their members. These medals include two purple hearts, Republic of Vietnam Service Medal, and a National Defense Ribbon.