Funds from 27,000 inactive accounts sent to state in late June
Salem – The state of Oregon received $3.85 million due Oregon residents from the Federal Deposit Insurance Corporation as a result of Washington Mutual bank (WaMu) going into receivership in September 2008.
Though Chase bank assumed most of WaMu’s active accounts, the FDIC is handling the accounts that appeared to be inactive – those with no record of a deposit, withdrawal or other positive contact with the account holder for at least three years.
In April 2010, Chase made a final attempt to contact dormant account holders, informing them of the impending transfer of funds to the FDIC.
Former WaMu customers in Oregon who may have funds available for claim are encouraged to search for their name at the following Web site: www.oregonstatelands.us (click on Unclaimed Property Name Search). Claims take between 90 – 120 days to process.
The state’s unclaimed property program is housed in the Department of State Lands (DSL). DSL will hold the WaMu funds for ten years and make efforts to return the funds to Oregon owners. After ten years, any remaining money must be returned to the FDIC.
All unclaimed property is held in the Common School Fund, a trust fund for Oregon schools. Earnings from the fund are distributed to K-12 public school districts twice a year. In 2010, schools will receive $50.4 million.
FDIC consumer resources:
The State Land Board consists of Governor Theodore Kulongoski, Secretary of State Kate Brown and State Treasurer Ted Wheeler. The Department of State Lands administers diverse natural and fiscal resources. Many of the resources generate revenue for the Common School Fund, such as state-owned rangelands and timberlands, waterway leases, estates for which no will or heirs exist, and unclaimed property. Twice a year, the agency distributes fund investment earnings to support K-12 public schools. The agency also administers Oregon’s Removal-Fill Law, which requires people removing or filling certain amounts of material in waters of the state to obtain a permit.