SEATTLE — Washington Attorney General Bob Ferguson announced Thursday that he had recovered more than $5.2 million, plus interest, that Washingtonians can claim through the state’s unclaimed property program.
The money is coming our way because of Ferguson’s lawsuit over uncashed checks, issued by international money transfer company MoneyGram, according to a release published on Thursday.
Washington’s unclaimed property program, which is administered by the State Department of Revenue, works to return unclaimed or abandoned funds and other property to its rightful owners. That can include uncashed checks, funds in bank accounts, insurance proceeds, stocks, bonds, mutual funds, consumer credits, and more.
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The AG’s office says the $5.2 million is part of a more than $190 million resolution between Delaware and a bipartisan coalition of 30 states to ensure that the funds from the uncashed MoneyGram checks were returned to their states’ residents.
“This money belongs to Washingtonians,” Ferguson said. “The unclaimed property program helps return funds that are rightfully yours. Every Washingtonian should visit the unclaimed property program’s website to see if they have funds waiting to be claimed.”
The funds come from uncashed prepaid MoneyGram checks that people can purchase from banks or credit unions. After the checks are purchased, the issuing financial institution pays MoneyGram the amount of the check. MoneyGram then uses the funds to reimburse the financial institution that cashes the check. If the check recipient fails to cash the check, the money becomes unclaimed property, said the release.
The AG’s office says, Delaware originally took possession of the funds regardless of where the checks were issued since MoneyGram is headquartered there. Ferguson and the bipartisan group of states sued Delaware, arguing that, under a federal law regulating abandoned money orders and travelers’ checks, the unclaimed funds should be returned to the states where the checks were issued to be disbursed as unclaimed property.
The case was heard at the U.S. Supreme Court, which ruled in Ferguson’s and the states’ favor.
According to the Department of Revenue’s unclaimed property website, Washington’s program has returned more than $1.5 billion in unclaimed funds to Washingtonians already.
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