You May Be Richer Than You Thought!!!
The Washington State Department of Revenue announced on July 20, 2010 that it has recently received approximately $9.8 million from the Federal Deposit Insurance Corporation (FDIC) for Washington Mutual deposits that have not been claimed by the former customers of the financial institution. Most of WaMu’s accounts were taken over by J.P. Morgan Chase when the bank failed but the inactive accounts were turned over to the FDIC. In a search for the rightful owners of the deposits, the Department has mailed claim forms to the last known addresses of anyone with more than $75 in unclaimed deposits. In addition, the names of businesses and individuals who have at least $25 in unclaimed assets have been posted on the Departments searchable Unclaimed Property database. The state has 10 years to find the account owners before the funds will revert to the FDIC.
In addition to the WaMu deposits, the database includes unclaimed property from various sources such as banks, retailer, credit unions, insurance companies and governmental entities. Unclaimed property is turned over to the Department generally after businesses have had no contact with the owner for three years.
Typical unclaimed property includes:
- Dormant bank accounts
- Insurance proceeds
- Stocks, bonds and mutual funds
- Safe deposit box contents
- Utility and phone company deposits
- Uncashed checks, such as payroll, insurance payments, or travelers checks
The database can be searched at http://ucp.dor.wa.gov/. If you do not have an internet connection, you can call 1-800-435-2429 to determine if you are the owner of unclaimed property.
Good Luck. We hope you are one of the lucky winners!!
Experienced employees of FB&C write the contents of the materials posted on the blogs. Carefully consider all facts and circumstances specific to your situation before applying information in our blogs and consult your FB&C advisor before acting on any information provided. The information is provided as general guidance and is not intended to constitute accounting, tax, legal or other professional advice.



