Unclaimed Money in California: A Hidden Opportunity
Danville, CA
Have you ever wondered if you have forgotten assets or money sitting in an old account? In California, many residents unknowingly have unclaimed property waiting to be returned to them. If you haven’t checked recently, you might be among the millions who have money just waiting to be claimed.
What is Unclaimed Property?
Unclaimed property is any financial asset left dormant by its owner for a set period, typically three years. While this doesn’t include real estate, it covers a wide variety of other assets. Common examples of unclaimed property include:
– Bank accounts and safe deposit box contents
– Stocks, mutual funds, bonds, and dividends
– Uncashed cashier’s checks and money orders
– Certificates of deposit
– Matured or terminated insurance policies
– Estates and inheritances
– Mineral interests and royalty payments
– Trust funds and escrow accounts
– Utility account deposits
If an account or asset has seen no activity or contact from the owner in this time, the property is turned over to the state for safekeeping. The good news? It can be claimed and returned to you in the form of a check.
How Does California Get Unclaimed Property?
By law, corporations, financial institutions, and other businesses, known as “holders,” are required to report and deliver unclaimed property to the State Controller’s Office (SCO) if there has been no activity or contact for three years. This means if you’ve forgotten about a bank account or stocks, for example, or if you moved without updating your address, those assets might have been transferred to the state.
In some cases, people pass away without their heirs knowing about certain accounts or assets. This is also a common reason why money and other financial assets end up as unclaimed property.
How Does the State Try to Find Owners?
Before property is handed over to the State Controller’s Office, holders are required to send a notice to the owner’s last known address. This notice serves as a reminder to claim the asset before it is transferred. Additionally, the State Controller’s Office itself sends out a notice before officially taking custody of the property.
Despite these efforts, millions of dollars go unclaimed each year.
How Can You Claim Unclaimed Property?
To find out if you have unclaimed property, California residents can easily search the State Controller’s Office unclaimed property database online. If you do discover something that belongs to you, claiming it is a relatively simple process that usually involves verifying your identity and providing proof of ownership.
It’s worth noting that there is no fee to reclaim your property, so be wary of third-party services that charge for assistance. You can do it on your own!
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A Hidden Source of Funds
In a time when every dollar counts, it’s worth checking to see if you or your family have forgotten funds waiting to be claimed. Whether it’s an old bank account, a matured policy, or even utility deposits, unclaimed property offers a chance to recover money that rightfully belongs to you. Be proactive, check regularly, and spread the word to others who may also have unclaimed property in California.
Don’t let your money stay hidden—find out if any of it belongs to you today!