December 8, 2008
Find OR Lost Money - Part 1 of 2
(Part 1 of 2)
The Beaver State is known for being the home of the massive, 11,000 foot Mt. Hood, but it is also home to a lesser known mountain that should be of greater concern to OR residents. Currently, Oregon unclaimed money has reached more than 250 million dollars. That's right, more than a quarter of a billion dollars, owed to over a million people. This translates in to approximately 30% of the population, which means the chances that any given person is owed a chunk of this money are 1 in 3.
Every year, the state of OR receives between $30 and $40 million in unclaimed funds, but only returns approximately $10 million to the rightful owners. Since the owners of the other $20 to $30 million were not located, that cash gets added to the total, so that $250 million will obviously grow. While it is certainly tough to believe that 1 in 3 OR residents are due a claim, these monies really come from sources that we all use everyday. The OR Department of State Lands describes some of the most common sources as follows:"Unclaimed property includes savings accounts, checking accounts, unpaid wages or commissions, stocks, dividends proceeds, refunds, money orders, paid-up life insurance policies, utility deposits and contents of safe deposit boxes."
Each type of asset can be classified as "unclaimed" once it has been determined to be abandoned. To be considered abandoned, the asset must sit dormant for a period of 1, 2, 3, or 5 years, or in certain cases, 7 or 15 years (for money orders and traveler's checks, respectively). Usually though, 1 to 5 years is general dormancy period range for the majority of these properties. Once the dormancy period has passed, the holder has to pass the abandoned assets along to the state, which then holds it until the rightful owner is able to track it down.
(to be continued)
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UNCLAIMED MONEY TO RISE TO RM95 MLN THIS YEAR (Bernama via Yahoo! Malaysia News)
KUALA LUMPUR, Dec 4 (Bernama) — The amount of unclaimed money under the Unclaimed Money Registry is expected to go up to RM95 million this year, said Deputy Finance Minister Datuk Ahmad Husni Mohamad Hanadzlah.
Website Helps Police Auction Unclaimed Property - WCCO
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Website Helps Police Auction Unclaimed Property
WCCO, MN - "And when it can help me in my job and save some money, it's a win-win for me," he added. Most people wouldn't know what it was, but Hawkins recognized a … |
Come Get Your Money — $266 Million Worth - ABC News
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Come Get Your Money — $266 Million Worth
ABC News - "We want people to get reunited with their money," joked IRS spokesperson Eric Smith. The unclaimed money goes back into the Treasury until its recipients … |
Do you have unclaimed money? - WPTV
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Do you have unclaimed money?
WPTV, FL - If you’re from another state, Sink says Florida’s website can even link you to other states’ websites in case you have forgotten unclaimed cash sitting in … |



