State Treasurer McCord to Pennsylvania WaMu Account Holders: Come and Get Your Money!

State Treasurer works to return $1.7 million to PA account holders of failed bank

HARRISBURG, Pa., July 27 /PRNewswire-USNewswire/ -- Pennsylvania Treasurer Rob McCord today announced that his Treasury administration has received $1.7 million in Washington Mutual Bank (WaMu) account proceeds from the Federal Deposit Insurance Corporation.  After it closed the bank in September, 2008 and spent 18 months searching for account owners, the FDIC turned the funds over to the Pennsylvania Treasury on July 9 in accordance with federal law.

"The Pennsylvania Treasury is working hard to help reunite WaMu account owners with funds that might have been considered lost forever," Treasurer McCord said.  He cautioned, however, that Treasury "must work aggressively to get the word out," and he suggested owners should respond quickly.

"You can get your money back when your federally-insured bank fails – if you don't wait too long," Treasurer McCord said.  "Unlike Pennsylvania law, which has no time limit – your claim lasts forever in Pennsylvania – the federal law governing the return of WaMu funds and other unclaimed property gives owners 10 years to claim their money."

Treasurer McCord stressed the need for speed.  "My Treasury administration is going to work to locate these WaMu customers, but we need the help of residents – if you or someone you know was a WaMu account holder, please call us at 1-800-222-2046 or visit www.patreasury.org to get your money back!"

Generally speaking, unclaimed property is any financial asset that has been left with a business or organization without activity or contact for at least one year, including:  bank accounts, uncashed payroll checks, accounts payable or receivable checks, credit balances, expired gift cards, savings and checking accounts, escrow accounts, money orders, travelers checks, utility refunds, insurance proceeds, stocks and bonds, and the contents of safe deposit boxes.

Under the federal Unclaimed Deposits Amendment Act, the state of the depositor's last known address receives the money.  Yet after a 10-year custody period – during which time rightful owners may file a claim – the remaining money must be returned in its entirety to the FDIC.

In addition to the WaMu funds, the McCord Treasury's Return Team is working hard to locate the rightful owners of nearly $2 billion in unclaimed property.  Last fiscal year alone, Treasury returned over $98.2 million to the rightful owners or heirs.  Visit www.patreasury.org or call 1-800-222-2046 to search for unclaimed property.

Pennsylvania Treasurer Rob McCord is committed to increasing the economic security and prosperity of all Pennsylvanians.  Before winning the statewide elected job of State Treasurer, McCord was a successful business leader.  He is now focused on strengthening the state's economy, managing investments to get strong returns for taxpayers, and helping to create good jobs and retirement security for Pennsylvanians.  To learn more about Treasurer McCord's initiatives, please visit the Pennsylvania Treasury at www.patreasury.org.

SOURCE Pennsylvania Treasury Department