PORTLAND, Ore. (KOIN) — More than $3 million in unclaimed funds have been mailed to nearly 11,000 Oregonians, marking a distribution of unclaimed property that is a first of its kind for Oregon.
The move is a new process for the state’s Unclaimed Property Program. The Oregon Department of State Lands said the checks range from $50 to $2,500 and represent unclaimed property that is 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, according to ODSL.
“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,” ODSL said in a release Monday. “The funds are held in a central repository until they are reunited with their owner or heir — typically when a claim is filed.”
The distribution of checks is the first time the program is mailing funds directly to owners who have not first filed an unclaimed property claim. ODSL officials said the change reflects the financial circumstances many are facing amid the pandemic.
Oregon holds more than $700 million in unclaimed funds for 3 million owners and receives more unclaimed funds every year from reporting businesses. The program, which has been in existence since 1957, works with business to ensure they are compliant with Oregon unclaimed property laws, while returning unclaimed funds to current and former Oregonians.
If you think you qualified to receive a check and have not heard from ODSL yet, head here.