CA Has $10B In Unclaimed Money: Is Some Of It Yours?

Los Angeles CA

03 November, 2021

2:12 PM

Description

CALIFORNIA — California has about $10.2 billion in unclaimed property, and officials urge residents to check an online database to see if any lost money or valuables belong to them, according to the state. Under the state's unclaimed property law, corporations, banks and insurance companies must transfer property or funds to the state if it has gone unclaimed for about three years, according to the California State Controller. The state currently holds some 57 million unclaimed items, Jennifer Hanson, press secretary at the state controller's office, told NBC San Diego. "It's uncashed paychecks, inactive bank accounts, insurance benefits, safe-deposit-box contents," Hanson said. "Your grandma may have bought Treasury bonds in your name that you never knew about, and they were sitting there for years. We will have them sitting there waiting for you to claim." One in three Golden Staters who visited the database end up finding property to claim, Hanson added. The U.S. government does not have a portal to search for unclaimed funds, but Californians can search for money owed them through the California state controller's website. "We watch over all sorts of properties you might not know exist, from a rebate that was returned to sender after a move, to bonds your grandmother bought in your name. It is so worthwhile to take a few minutes to search and discover whether you have funds coming your way," Controller Betty T. Yee said in a news release. "For smaller claims with clear proof of ownership, you can file online and often have a check within weeks." Those searching for lost funds through the state should try using their name, a maiden name or the name of a business or nonprofit organization with which they are affiliated, the state controller recommended. One in every 10 people across the U.S. has forgotten or lost property that could be claimed, according to the the National Association of Unclaimed Property Administrators. For those who wish to search for unclaimed money that may be held in a different state's treasury, NAUPA's database is here. Last year, the state reunited residents with some $258 million in unclaimed property, or about $700,000 per day, according to the state.