(Part 2 of 2)

One of the primary reasons for the government’s inability give back forgotten cash to residents, they claim, is the fact that they can’t be tracked down. The issue is, would would ever think people like Angelina Jolie, ZsaZsa Gabor, Gerri Halliwell, Victoria Beckham, Keanu Reeves, Brad Pitt, Adam Sandler, Marlon Brando and Jennifer Lopez could be hard to track down? Their names and the names of several other celebrities are just a few of the names in the CA missing money list and yet they have never been contacted by the officials at the California Unclaimed Funds Division. They are all owed checks for unclaimed money by CA amounting from hundreds to the thousands in Ms. Jolie’s case. This proves once again CA state employees’ interest in holding this cash in the general fund for use in balancing the budget deficits for as long as they can. In fact, there was a recent ruling by a judge on CA abandoned cash, saying that the state was not doing enough to return it to its rightful owners and has temporarily halted the state’s s ability to seize it until a new policy of returning it to the rightful owners was enacted.

The total dollar amount for these funds in CA averages $5 billion annually – imagine the amount of interest that accrues for the state! Bill Palmer, an attorney in Sacramento who has battled in a number of cases involving California unclaimed property, sad that the state’s department was supposed to be a lost and found of sorts for Californians. Instead, it was turned into a profit earning ‘business’ in the past few years.

The ban on the taking of property by CA has recently been removed and the new CA State Controller, John Chiang, is making greater efforts in the form of sweeping changes in improving how his office deals with California unclaimed money. There is still a dire need though for residents of California and the other 49 states across the U.S. to be informed about the presence of these monies and on how to do a thorough search for them and take back what belongs to them.

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