Does the state owe you money? Oregon has $564 million in unclaim - KPTV - FOX 12

Does the state owe you money? Oregon has $564 million in unclaimed assets

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PORTLAND, OR (KPTV) -

The state might owe you some money.

Oregon is now holding a record $564 million in unclaimed assets.

The Oregon State Treasury is highlighting a searchable online database designed to reunite people with their property.

The database is at: oregonup.us/upweb/up/up_search.asp.

Under state law, financial institutions and companies transfer unclaimed assets to the state. Unclaimed property is mostly lost financial assets, such as bank accounts, wages, utility deposits, stocks, bonds and contents of safe deposit boxes that have been abandoned.

In recent years, the fund has received significant increases in life insurance policy proceeds. Since July 2015, more than $1 million has been paid out to beneficiaries of deceased policy holders.

Each year, about twice as much money is declared unclaimed, compared to how much is retrieved. In fiscal year 2015, the state fund grew by $52.2 million and paid out $22.5 million, representing 18,833 claims.

People are advised to avoid so-called "finders," who will charge to search for assets that belong to you, something that can be done for free.

If someone determines they have unclaimed assets with the state, it is also free to retrieve them.

Until reunited with owners, unclaimed money is held in trust in the Common School Fund, managed by the Oregon State Treasury. The fund's interest earnings benefit K-12 public schools through biannual distributions to Oregon school districts.

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