Unclaimed California Money: A Hidden Treasure
Certainly, $5.7 billion is no small amount. Given a chance, you will be ready to do whatever it takes to get that, or even a tenth of it. What if you come to know that this amount is unclaimed? Yes, you read it right! $5.7 billion is unclaimed!
California State Controller Office informs that the state is in possession of more than $5.7 billion in the form of property and unclaimed California money.
Whom does the unclaimed California money belong to?
It belongs to approximately 11.6 million individuals and organizations. California State Controller has a turnover of around $100 billion that makes it the eight biggest economy in the world. This turnover is due to annual receipts and disbursement of the public fund. However, that does not create any unclaimed California money.
How does it go unclaimed?
Such a huge amount of property is not generated within a short span. Rather, it is amassed over a longer period of time. There are various sources that add up to this unclaimed California money. These are:
• Individuals forgotten to close their bank accounts – Often while shifting bases in a hurry, bank accounts remain unclosed. Many times, the balance is so meager that the account holders do not bother to undergo the formalities of closing the accounts. Many such small balances together sum up to a huge total.
• The owner of a property dies without leaving any heir behind. The elderly owners, whose kith and kin are staying away from them, often lose contact with their heir. Apparently, the heir remains unaware of the property and cash that belonged to the owner. Because of the heir’s ignorance, the deceased owner’s property and cash remain unclaimed.
• Property in other forms viz. stocks, deposit receipts, mutual funds, insurance claims, etc. go unclaimed as well, as the owner fails to carry out mandatory nominations and fill contact details. After they shift to some unknown places or their death; the departments are uncertain about their whereabouts. Obviously, such property piles up into the unclaimed zone.
Well, after going through this, if you remember about an unclaimed property or a person who failed to claim for it; then keep in mind that the doors are not closed. California State Controller’s Office is ever willing and ever ready in all possible ways to hand over each and every piece of the unclaimed California money to its rightful owner. In 2007-08, 225,752 properties were claimed after State Controller sent notices to the owners.
Other than the state service, there are private players in the field. They have compiled a data of the people who owed money but never claimed. With a nominal fee, they provide you the access to this huge database. They also give you valuable tips and information to enable you to claim the amount. They do not charge any commission or seek a percentage of the money you are claiming or receiving.
In addition to this, these services give you the guarantee that if the unclaimed money belongs to you, and you do not get it after the claim; they refund your fees. That means, you will not lose the fees in addition to already unclaimed money.
So, if you have even an iota of doubt that you might have left some money unclaimed, seek these services. You may end up with more than you could think of.