Dreamstime

California Has $9 Billion in Unclaimed Property

March 19, 2019

State officials say California is holding on to more than $9 billion in unclaimed property and it's trying to return it to its proper owners. 

The money is from abandoned bank accounts, uncashed payroll checks, stocks, and insurance benefits. 

California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years).

The California State Controller's office said on its website that common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. Property does not include real estate.

The California State Controller's office wrote on its website that anyone in public can see if any of the 48 million properties worth a total of $9.3 billion has their name on them. 

“Finding money or property that you may have forgotten is easier than spying a four-leaf clover,” said California State Controller Betty T. Yee on the website. “There’s no time like the present to see if there is any ‘green’ waiting for you at claimit.ca.gov.”

In February, more than 33,000 people received their properties worth about $23.5 million, the website said.

There are more details at claimit.ca.gov

-KNX 1070