Salem – The state has received $3.85 million owed to Oregon residents from the Federal Deposit Insurance Corp. as a result of Washington Mutual bank (WaMu) going into receivership in September 2008.

Although Chase bank assumed most of WaMu’s active accounts, the FDIC is handling 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 website: www.oregonstatelands.us (click on Unclaimed Property Name Search).

Claims take between 90 – 120 days to process. The state’s unclaimed property program is in the Department of State Lands. The agency will hold the WaMu funds for 10 years and make efforts to return the funds to Oregon owners.

After 10 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. This year, schools will receive $50.4 million.