California is currently holding more than $10 billion in unclaimed money!
Unclaimed money is generally defined as any financial asset that has been left inactive by its owner, typically for a period of three years.
Some examples of unclaimed money include:
- Utility account deposits
- Trust fund and escrow accounts
- Mineral interests and royalty payments
- Estates
- Matured or terminated insurance policies
- Certificates of deposit
- Uncashed cashier’s checks and money orders
- Stocks, mutual funds, bonds, dividends
- Bank accounts and safe deposit box contents
California unclaimed money is returned to its owners in the form of a check from the state.
The law in California requires businesses, corporations, associations, financial institutions, and insurance companies (referred to as “holders”) to report annually and deliver money to the State Controller’s Office if there has been no activity on the account or contact with the owner for a specified period of time (usually three years).
Contact is often lost when the owner forgets the account exists or, if they move without leaving a forwarding address. In some cases, an owner dies with heirs that do not have any knowledge of the money.
The law in California requires all holders (businesses, corporations, associations, financial institutions, and insurance companies) of unclaimed money to attempt to contact the owners before reporting their property to the State Controller’s Office.
Holders are required to send a notice to the owner’s last known address informing them that the property will be transferred to the State Controller’s Office for safekeeping if the owner does not contact them to collect it.
The State Controller’s Office sends notices to all owners of property that will be transferred to the state. The notices are sent out before the property is going to be transferred. This gives the owners an opportunity to collect the money directly from the holder.
Did you know you can make money finding unclaimed money for other people?
There is a little known business that lets you do that.
Unclaimed money finders locate people that don’t know they money being held for them and help them to recover it. In return, they charge a commission after the money is recovered.
Please click here if you would like to learn more about this business.