More than $1 million in Washington Mutual funds already returned
OLYMPIA – August 19, 2010 – In less than a month, more than $1 million in unclaimed funds from failed Washington Mutual Bank has already been returned to the bank’s former customers.
Since the Federal Deposit Insurance Corporation (FDIC) turned over $9.8 million to the state in July, the Washington State Department of Revenue has paid 448 claims and is processing another 179.
The Department earlier mailed claim forms to the last-known addresses of anyone with more than $75 in unclaimed deposits at Washington Mutual, and posted the names of anyone with $25 or more in unclaimed property on its searchable database at http://claimyourcash.org. A search for the names of friends or family takes only seconds.
After Washington Mutual folded, inactive accounts were turned over to the FDIC, which forwarded them to the Department’s Unclaimed Property program. Accounts generally become inactive when the holder has made no deposits, withdrawals, or had any other contact with the bank for three years or longer. After 10 years, the Department is required to return any unclaimed WaMu funds to the FDIC.
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