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Washington Mutual/Chase/FDIC Fact Sheet
Washington Mutual (WaMu) went into receivership with the Federal Deposit Insurance Corporation (FDIC). Chase is managing the active WaMu accounts but the FDIC is responsible for the insured, inactive accounts that existed at the time WaMu went into receivership.
 
The FDIC is handling only those accounts that appeared to be inactive – i.e., there was no record of a deposit, withdrawal or other positive contact with the account holder for at least three years.
 
Federal law required WaMu/Chase customers to acknowledge the account or it would be turned over to the FDIC.
 
FDIC resources:
 
Chase recently sent a letter to inactive WaMu account holders that said: "Over the past year, we have worked hard to be your financial partner and have made multiple attempts to contact you regarding your unclaimed former Washington Mutual deposit account(s).  According to our records, as of March 25, 2010, you had one or more former WaMu deposit account(s) that were not claimed.  As a result, we were required by the FDIC to close your account(s) and return those funds to the FDIC." 
 
The FDIC forwards inactive and dormant accounts to the state of the owner's last known address according to the bank records.
 
The FDIC has sent the Department of State Lands/Unclaimed Property Section about 27,000 accounts, and we hope to have all the names listed in the online database by July or early August.  People are encouraged to wait until their name is on our Web site, and send in the claim that is generated online. 
 
It may take up to 90 days for claims to be processed.
 
The state of Oregon will have custody of the deposits for ten years, during which time we will treat the deposits as unclaimed property.  After ten years, the 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.  In 2010, schools will receive $50.4 million.