(Part 1 of 2)

The California’s unclaimed funds program takes in about three hundred million dollars each year. What’s it to you? Well, if you or anyone you know is or was a resident of the Golden State (or had any kind of business dealings, whether you knew it or not), a chunk of that big heap of Cali forgotten funds could very well belong to you!

Under the state of California unclaimed property law, abandoned assets such as 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 turned over to the Treasury Dept. if the rightful owners don’t come for them within a given period. This ‘dormancy period’ varies widely from state to state, but in Cali it is three years. These abandoned assets then get moved to the CA unclaimed property division, where they wait in the state’s general fund until they are returned to their rightful owners. This is where officials working for the state in-charge of the Cali unclaimed cash were criticized recently. It seems that they have been all to happy to track down and take hold of the lost funds from the establishments holding on to them but showed less interest in locating the actual owners in the Cali unclaimed property records.

(to be continued)

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Cash Dash finds loot for RI County residents (Quad-City Times)
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