July 26, 2008
CA Unclaimed Cash – Part 1 of 2
(Part 1 of 2)
The California’s unclaimed funds program takes in roughly 300 million dollars each year. Why does it matter to you? Well, if you or someone you know is or has been a resident of the Golden State (or ever had any type of business dealings, whether you knew it or not), part of that big pile of California missing money could easily belong to you!
Under the California unclaimed funds law, abandoned assets like forgotten checking and savings accounts, uncashed checks and money orders, mineral deposits, salary checks, cash and stock dividends, state of California unclaimed tax refunds, gift certificates, and other financial assets are passed along to the Treasury Department if their owners don’t locate them within a given period. This ‘dormancy period’ varies widely from state to state, but in California it’s 3 years. These lost assets then head to the CA unclaimed property div, where they sit in the state’s general fund until they’re returned to their rightful owners. This is where state officials who handled California unclaimed cash were recently criticized. Seems that they were eager to track down and take hold of the lost assets from the establishments holding on to them but but weren’t so keen on locating the owners in the California unclaimed money database.
One of the main reasons for the government’s inability to return forgotten cash to its owners, they claim, is the fact that they can not be located. Problem is, who would think that people like Jennifer Lopez, Victoria Beckham, Brad Pitt, Adam Sandler, Angelina Jolie ,Marlon Brando, Keanu Reeves, ZsaZsa Gabor and Gerri Halliwell could be difficult to locate? Their names and the names of a number of other celebrities are some of the names in the California missing money database but they have never been contacted by the employees at the California Unclaimed Money Division. They’re all owed checks for forgotten funds by California ranging in amount from hundreds to the thousands as in the case of Angelina Jolie. This just shows California state employees’ interest in keeping this money in the general fund for use in balancing the budget deficits for as long as they can. As a matter of fact, there was recently a ruling by a federal judge on CA abandoned cash, saying that the state wasn’t making enough of an effort to return it to its rightful owners and for a while halted the ability of the state to seize it until a new policy of returning it to the rightful owners was enacted.
(to be continued)
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Unclaimed Money in Arizona: Are you on the list? – ABC15.com (KNXV-TV)
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Unclaimed Money in Arizona: Are you on the list?
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