Unclaimed Money Oregon: How to Find Unclaimed Money in Oregon
October 26, 2022
According to popular news site KTVZ News, the state of Oregon holds over $700 million in unclaimed money, belonging to three million past and present Oregonians. Unfortunately, this figure grows yearly since most owners are unaware of their missing funds or financial assets.
If you reside in Oregon and are looking for your unclaimed money, this guide will assist you with the best techniques to find and reclaim your unclaimed money.
Unclaimed Money Oregon: How Did It Happen?
Unclaimed money refers to cash or financial assets that have been forgotten or abandoned by the rightful owners. This usually occurs when the owner loses contact with the financial institution holding the money.
Common examples of unclaimed monies and financial assets in Oregon include utility stocks, pension checks, abandoned insurance proceeds, inheritance money, unused gift card funds, safe deposit boxes, money from deceased relatives, scholarship funds, uncashed payroll checks, safekeeping repository contents, etc.
Here are some of the common reasons money becomes unclaimed:
* The money or financial asset owners changed their bank, left some uncashed funds in the former accounts, and forgot about it * They failed to pick up their last paycheck due to relocation * They sought a refund but forgot to claim it * Their bank or financial agency closed down, and they failed to cash their outstanding balance * Their relative passed away, leaving some monies, and no one informed them about it * They changed their contact information without informing the financial institution holding their money
In Oregon, the holders of unclaimed money (financial institutions, organizations, charities, or individuals) must make every effort necessary to reunite owners with their unclaimed money. The state provides for a dormancy period, which is the timeframe between when money becomes unclaimed and when it is transferred into the custody of the state.
The dormancy period varies according to the type of unclaimed money; however, the standard dormancy period in Oregon is three years. During this period, holders of unclaimed funds must send written notice to the last known address of the owners of unclaimed money or financial assets worth $100 upwards
The notice must inform them about their missing money, the type of missing money, and how to reclaim it. Upon the expiration of the dormancy period, the holders of unclaimed funds must report and return them to the state government.
Holders must report and remit missing money by the 1st of November. The process of unclaimed money being transferred into government custody is called escheatment. The entity that assumes custody of unclaimed money, including unclaimed properties, in Oregon is the Oregon State Treasury.
According to Chapter 170, Division 140 of the Oregon Administrative Rules, and Sections 98.302 to 98.992 of the Oregon Revised Statutes, the treasury department is tasked with holding and protecting unclaimed monies and financial assets until the rightful owners come forward.
Persons Who Can Claim on Behalf of Late Relatives
In Oregon, funds belonging to deceased owners can still be reclaimed by a specific class of people. Such persons must be the deceased closest relatives, such as parents, spouse, siblings, or court-appointed representatives, like probates, heir, and successor. Such persons will be required to produce certain documents as evidence of their connection with the deceased owner. Examples of such documents include:
Birth certificate Probate documents certified by the court Death certificate Marriage certificate Divorce decree Will or testament
How to Find Unclaimed Money in Oregon
If it has been long since you abandoned or forgot about your money, there is no need to worry as you can still reclaim it. You can employ various techniques while searching for your unclaimed money in Oregon.
The first point of call is the Oregon State Treasury. The treasury department has a publicly accessible database that allows for remote searches for unclaimed money. There are three processes involved in finding Oregon unclaimed money, they include:
* Searching for your unclaimed money * Submitting a claim * Submit the necessary documentation
Step 1: Searching for your unclaimed money
* Navigate to the unclaimed property database of the Oregon State Treasury * Click on “Search Unclaimed Properties” * Type in your first and last name, and click on “Search”
The site will provide you with funds matching your entries; click on the green “Claim” button beside every item belonging to you Click on “View Claimed Properties.”
Step 2: Submitting a claim
After selecting all your missing funds, you must file a claim by filling out a web form. Follow the steps below:
* Click on the “Next” button * Complete the form with all necessary information, including your social security number, current address, and mailing address. * * Click on “Next” * Verify your mailing address * Verify every other detail and click on “Submit.”
Step 3: Submit the necessary documentation
To reclaim your abandoned money, you must provide the department with the necessary proof of ownership. Follow these steps to complete this:
* Click on “Upload Claim Documentation * Upload all documents and verify your action by checking the box to confirm the documents are correct and unaltered * Click on “Submit”
You can also contact the treasury department for further inquiries using the following contact information:
Unclaimed Property Program 867 Hawthorne Avenue South East Salem, OR 97301 Phone: (503) 378-4000 The state treasury generally processes claims within 120 days. However, this may vary depending on the type of unclaimed money or financial asset in question. Claims below $2,500 are likely to be processed once they are received.
Unclaimed money and financial assets are kept indefinitely on behalf of the rightful owners. Therefore, Oregonians searching for their missing money can employ the above methods to find their monies.
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