Claudia Buck, personal finance writer for the Sacramento Bee reminded readers that the state holds $6 billion in unclaimed property. Read her column at http://www.sacbee.com/2010/11/14/3181591/personal-finance-california-has.html.
You may be one of millions of Californians owed money by the State!
The State of California is currently in possession of more than $5.7 billion in Unclaimed Property belonging to approximately 11.6 million individuals and organizations.
The State acquires unclaimed property through California’s Unclaimed Property Law, which requires “holders” such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller’s Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or moves and does not leave a forwarding address or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.
The most common types of Unclaimed Property are:
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed cashier’s checks or money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Mineral interests and royalty payments, trust funds, and escrow accounts.
The Unclaimed Property law was enacted to prevent holders of Unclaimed Property from using your money and taking it into their business income. This law gives the State an opportunity to return your money and provides California citizens with a single source, the State Controller’s Office, to check for Unclaimed Property that may be reported by holders from around the nation.
The site is available in seven languages: English, Spanish, Chinese, Vietnamese, Tagalog, Armenian and Korean.
Start your search here. Or call, (800) 992-4647.
* California Unclaimed Property Law does NOT include real estate property.