Claim back any unclaimed property in California before the state uses it to pay off the deficit! The state of California is the eighth-largest economy in the world; however, for the last couple of years it is facing a major issue of budget deficit. And to cover up this deficit, the California state government is pondering upon utilizing the huge unclaimed cash and property amount.
The state treasurer of California is currently sitting on over more than $5.7 billion in the form of unclaimed property belonging to approximately 11.6 million individuals and organizations. The state has acquired this huge chunk from over $32 billion unclaimed cash and property held by the U.S.
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 Controller’s Office. A property is called dormant or inactive if there is no customer activity for three years.
California state controller’s office is going full force to reach the owners of unclaimed property. From January 2007 till the end of 2009, the office sent out 3.17 million notices warning owners that their property was about to be sent to the state. These notices were in addition to the 1.89 million notices sent to the owners informing them that their property had been taken under the state custody.
The notice-sending mission has shown encouraging results. It has been successful in returning more than $1 billion worth of unclaimed property to its owners.
Are You Still Left Behind?
Presently, you may be residing in any state, but if you have, at anytime, resided in California and doubt that you might have left some unclaimed property in your name, it is time that you locate the property and stake your claim.
Even if you do not remember any such property, your ancestors might have left some property to which you may be the legal heir. There may be some unclaimed property in the name of your spouse as well.
There are also chances that you might have left some cash unclaimed in your name. It may be resulting from your inactive bank account, insurance claims, dividends, utility deposits, paychecks, etc. that you forgot to claim.
Get Your Own Money
The easiest way to find out whether you own any unclaimed property or cash in your name is to log on to www.cashunclaimed.com . This site has one of the largest databases of unclaimed money in the world. You can find out any unclaimed cash or property in yours, your spouse’s, family members’, relatives’, colleagues’ name. You can even try searching in your business name.
You never know where you will strike the hidden treasure in your name. The site will also give you the tips and information related to staking your claim. The site has already helped many Californians fetch their lost and forgotten property.