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California State Unclaimed Property and Assets
Any financial asset that has had no activity by its owner is being held by an organization. It can be can be any financial asset or sum of money that appears to have been abandoned by the owner. Property is usually considered unclaimed after three years, when it is turned over to the state of Washington. The sources of unclaimed properties are banks, retailers, credit unions, utilities, corporations, insurance companies, and governmental entities. It does not include real estate, vehicles, and most other physical property. The law also provides that utility deposits, unclaimed assets and wages resulting from business dissolutions be reported as state unclaimed property after one year of inactivity.
The State of California is holding more than .8 billion in Unclaimed Property belonging to 7.6 million individuals and organizations. These unclaimed funds have been turned over to the State for safekeeping by banks, businesses and other organizations as required by law. The Department of Revenue is the custodian for unclaimed property, and it administers an unclaimed property program to seek the rightful owners. The unclaimed property in California is acquired by the State through Unclaimed Property Law in California. It requires holders such as business associations, financial institutions, corporation, and insurance companies to report and deliver property to the State Controller's Office Unclaimed Property.
California Unclaimed Property Law protects unclaimed property until it can be returned.This law gives the State an opportunity to return your money and provides 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. There is no time limit for filing a claim and rightful owners or their heirs can claim property reported since 1955. The state unclaimed property authority may auction the content of safe deposit boxes, however, if not claimed within five years. California State Unclaimed property program publish names of owners in newspapers, set up displays at malls and public events, work with other public officials and make databases available via the Internet. Unclaimed property officials welcome opportunities to speak to the media and other groups.
You may have heard about unclaimed treasury found from old insurance policies, over paid taxes, stocks and dividends, old checking & saving accounts and many other sources. It is currently estimated that there is over .3 BILLION in cash unclaimed. All you have to do is find yours and claim it.
There are also chances of unclaimed bank accounts. Bank accounts may be considered abandoned when you fail to make a deposit or withdrawal in a given year. These unclaimed accounts occur upon the death of a family member, a name change after marriage or divorce, the expiration of a mail forwarding order after a move, or as a result of a computer or clerical error. Unclaimed money may be recovered after years of inactivity, even if a passbook is lost or destroyed, but you should act promptly.
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