California Unclaimed Property – Find Unclaimed Money

There is currently $5.1 billion in Unclaimed Property being held by the State of California, belonging to approximately 8.2 million individuals and organizations.

Are you one of them?

Unclaimed property is acquired by the state as a part of the California Unclaimed Property Law, requiring “holders” like business associations, corporations, financial institutions, and insurance companies to make annual reports and deliver to the Controller’s Office any property unclaimed for three years.

Most often such property is unclaimed because the owner forgets and account exists, or they move and don’t leave a forwarding address. In some cases, the owner dies and the heirs are left with property they don’t know about.

The most common types of Unclaimed Property are:

A note from California State Controller John Chiang…..

Fellow Californians:

Since taking office in 2007, returning property to their rightful owners has been one of my top priorities, so I wanted to share with you the significant improvements that my office has made to the program in the last two years:

Notifying Owners Before Their Property Is Sent To The State: For two decades, misguided state laws restricted the State Controller’s Office from contacting the owners of more than 80% of all unclaimed property accounts sent to the State. In August 2007, the Legislature passed and the Governor signed legislation that allows the State Controller to send property owners notices before their property is transferred to the State. In Fiscal Year 2007-08, my office sent out 855,883 such notices. As a result, 225,752 properties were claimed before they were even sent to the State. In this past fiscal year, we sent out 950,332 notices.

Established a Locator Unit: We re-established a unit that aggressively finds and tracks down owners to reunite them with their property. Our priority is to notify owners who had never received a notice due to the previous restrictions on our ability to notify owners.

Upgraded The Claims Processing System: The new database system allows staff to more easily search for properties and process claims more efficiently. We also have begun posting properties to our unclaimed property search page on the Internet within weeks after they are reported by businesses transferring the property, rather than taking a year before posting the properties.

In the first year after these reforms, we were able to send out 2.5 million notices; more than double the 1.2 million notices we sent during the past decade.

BEGIN YOUR SEARCH FOR UNCLAIMED PROPERTY IN CALIFORNIA

There might be anything going on now, but check back often for California Unclaimed Property Online Auctions

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