WaMu accounts head to states

By KATU News, KATU.com Staff and News Sources Published: Jul 20, 2010 at 4:29 PM PST Last Updated: Jul 21, 2010 at 8:16 AM PST
WaMu accounts head to states
A Washington Mutual sign is taken down and trucked away Oct. 1, 2008, on Spring Street in Seattle. (Photo courtesy of YouNews contributor Pocaloca)

PORTLAND, Ore. – The Washington State Department of Revenue has put out its request to find owners of $9.8 million in deposits that went unclaimed after Washington Mutual failed in 2008, one week after the Oregon Department of State Lands did the same.

The Federal Deposit Insurance Corporation, or FDIC, recently turned the accounts over to the respective states. Washington's Department of Revenue has so far mailed claim forms to the last-known addresses of those with more than $75 in unclaimed deposits.

The Washington agency also has added the names of businesses and individuals who have at least $25 in unclaimed assets to its searchable online database. The database can be accessed at claimyourcash.org or, for Washington, at dor.wa.gov/Content/Home/Default.aspx. Those without an Internet connection can call 1-800-435-2429.

J.P. Morgan Chase received most of WaMu's accounts when the bank failed. However, inactive accounts were turned over to the FDIC. Accounts generally become inactive when the holder has made no deposits, withdrawals or had any other contact with the bank for at least three years.

The state has 10 years to find the account owners before the funds revert to the FDIC.

In Oregon, the state received $3.85 million due Oregon residents from the FDIC. In April 2010, Chase made a final attempt to contact Oregon's dormant account holders, informing them of the impending transfer of funds to the FDIC. Now Oregon account holders can search the online database at oregonstatelands.us (click on Unclaimed Property Name Search) for their name. Claims take between 90 and 120 days to process. 

Oregon's unclaimed property program is housed in the Department of State Lands.  DSL also will hold the WaMu funds for 10 years and make efforts to return the funds to Oregon owners.

All unclaimed property in Oregon is held in its 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. The FDIC will receive any unclaimed funds back after Oregon has hopefully earned interest on it over the next 10 years.


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