Unclaimed Property Blog

The unclaimed money fund in California is going through the roof with almost 12 million people still losing out on their unclaimed funds. This pile continues to grow at an alarming rate, in spite of many initiatives being taken by the state treasury.

As one of the proactive steps towards these issues, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions, and insurance companies to submit an annual report and return dormant property to the State Controller’s Office. As of the last estimate, about $600 million are collected by the California state unclaimed funds division annually.

State of California is inundated with its growing pile of unclaimed funds with almost 11.6 million individuals still unaware of their unclaimed cash or property. In responseto this unmanageable situation, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office. By a rough estimate, about $600 million are collected by the California state unclaimed funds division annually.

California tops the chart in unclaimed money laying with the state treasurer. The state is trying its best to get the unclaimed cash to the rightful owners. To reach the owners individually, California government is sending more than 9,000 memos this week. Week after week the reminders are being sent to the businesses as well as individuals to inform them about any unclaimed cash or property in their name.

The state’s coffers are getting filled with Unclaimed Property Program that receives unclaimed checks from various banks, insurance companies, utility services, employers, etc. Any financial instrument, if unrealized for more than three years, is categorized as unclaimed money.

The heat of recession has left no country unaffected. However, in these tough times, there is some sort of solace to those folks who are associated with California in the present or in the past. Millions of dollars are waiting in the treasuries of California waiting to be claimed by their rightful owners. There are many who have conducted California missing money search and found thousands of dollars that they did not know belonged to them.

The whole thing may seem implausible. You might be wondering how such a thing is possible. This is a little-known concept to most Canadians, but is very real and is growing steadily every year.

Money that belongs to you is apparently stashed away in treasuries belonging to the 50 states and the federal government. Have you ever thought of the fact that you could have unclaimed state money waiting for you in the treasuries of one or more states? Would you like your state to use up your hard-earned money for its own benefit? Why take a loan or apply for government grants when you have unclaimed state money that could enable you to buy that new house or car?