(Part 2 of 2)

One of the primary reasons for the inability of government to return forgotten cash to residents, they claim, is the fact that they cannot 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? Those names and the names of a number of other famous people are some of the names in the California missing money list but they haven’t been contacted by the officials in the California Unclaimed Funds Division. They’re all owed checks for forgotten funds by California ranging in amount from hundreds to the thousands in Ms. Jolie’s case. This just proves California state employees’ interest in keeping this money in the general fund for them to balance the budget deficits for as long as they possibly can. As a matter of fact, there was a recent ruling by a federal judge on CA abandoned money, stating that the state was not doing enough to return it to its rightful owners and has temporarily halted the state’s s ability to take and hold it until a better policy of reuniting it with the rightful owners has been adopted.

The total amount of unclaimed money in CA averages $5 billion annually – imagine how much interest that earns for the state! Sacramento attorney Bill Palmer who has battled in many cases involving California unclaimed money, said the state’s program was intended to be a lost and found for California residents. Instead, it was turned into a profit generating ‘business’ in recent years.

The hold on the taking of property by California has now been lifted and the new CA State Controller, John Chiang, is making extra efforts in the form of sweeping changes in improving how his office handles California unclaimed property. There’s still a great need though for Californians and residents of all other states across the U.S. to learn about the presence of these properties and on how to do a thorough search for them.

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