$12B In Unclaimed CA Property: How To Check If You're Owed Cash

CALIFORNIA — The Golden State is safeguarding nearly $12 billion of unclaimed property – including utility rebates, inactive stock and brokerage accounts, and unclaimed checks – and is spreading the word to let residents and businesses know how to claim their cash.

The State Controller's Office tells Patch that $11.9 billion in unclaimed funds belong in the hands of Californians, and the average person was owed $433 last year.

"Personally, I have had claims over the years from forgotten accounts and utility services," said Monique Langer, an Assistant Deputy Controller. "This is extra money I was not expecting that put gas in my car and milk in the refrigerator."

Here are the most common types of unclaimed property in California:

• Bank accounts and safe deposit box contents
• Stocks, mutual funds, bonds, and dividends
• Uncashed cashier's checks and money orders
• Certificates of deposit
• Matured or terminated insurance policies
• Estates
• Mineral interests and royalty payments
• Trust funds and escrow accounts
• Utility account deposits

State law requires California businesses, insurance companies and financial institutions to report and deliver unclaimed property to the State Controller's Office once there has been no activity on an account or contact with the owner for a certain period of time — typically about three years.

The law also requires that holders make attempts to reach owners by sending a notice to their last known address before transferring property to the state for safekeeping. The State Controller's Office also sends a notice before unclaimed property is transferred to the state, but there are a few ways people can lose track of what they are owed.

"Contact is often lost when the owner forgets the account exists or moves and does not leave a forwarding address," the controller's website explains. "In some cases, the owner dies with heirs who have no knowledge of the property."

Fortunately, there are two easy ways for Californians to check whether they have unclaimed assets and claim the money.

Check the state's unclaimed property database

Californians can search for unclaimed property, file a free claim, and check on their claim's status using the state's online portal. Residents who need more help can also call 1-800-992-4647 and get questions answered by trained staffers.

MissingMoney.com

California is also part of MissingMoney.com, a national site that makes it easy to search for unclaimed property and cash. The site also allows you to search for unclaimed assets in other states.

Simply use the search form to look for unclaimed property, file a claim and go through the verification process to receive your unclaimed assets. Anyone can visit the site, endorsed by the National Association of Unclaimed Property Administrators.