State holding more than $500 million in unclaimed funds

Want some cash?

With more than half a billion dollars in unclaimed funds, the State of Oregon might be able to help. State officials are looking to reunite unclaimed money with its rightful owner.

"A lot of it is made up of life insurance policies that were never claimed," says James Sinks, the spokesman for State Treasurer Ted Wheeler. "But there is also abandoned bank accounts, paychecks that never got cashed."

There is also money from stocks, bonds, and utility deposits.

Sinks tells Patch that when funds go unclaimed it goes into a fund maintained by the Department of State Lands.

Currently the fund has $564 million and continues to grow.

Last year, $52.2 million went into the fund and $22.5 million was paid out in response to just over 18,000 claims.

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The interest from the fund is used to help fund K-12 education through biannual contributions to school districts in the state.

The State Lands Department is also responsible for unclaimed property, which often includes property such as coins and jewelry from abandoned safe deposit boxes.

If you think you might have money out there, the state has set up an easily searchable website where you just have to plug in your name (as it turns out this reporter discovered he has about $200 out there due him).

As for unclaimed property, the state will be holding an auction of material from abandoned safe deposit boxes. That will be May 13 and 14 in Grants Pass. Proceeds from that auction will go into the fund as well.

Sinks adds that people should avoid people who offer to look for unclaimed funds in return for a fee.

"People can go to the website and search for free," he says.