October 1, 2008
Track Down CA Lost Unclaimed Money – Part 1 of 2
(Part 1 of 2)
The state of California’s unclaimed property department takes in roughly 300 million dollars each year. Why does it matter to you? Well, if you or someone you know is or ever was a resident of the Golden State (or ever had any type of business dealings, whether you were aware of it or not), part of that big heap of Cali missing money might very well belong to you!
Under the state of California unclaimed property law, missing money 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 assets are handed over to the Treasury Department if their owners don’t come for them within a certain time period. This ‘dormancy period’ varies from state to state, but in Cali it’s three years. These forgotten funds then get moved to the CA unclaimed property division, where they stay in the state’s general fund until they are returned to their rightful owners. This is where state officials in-charge of the Cali unclaimed cash were criticized recently. It seems that they were eager to track down and collect the lost assets from the various establishments holding them but but weren’t so keen on locating the actual owners in the Cali unclaimed funds database.
One of the main reasons for the government’s inability to return forgotten money to residents, they say, is the fact that they can not be located. The issue is, who would think people like Angelina Jolie, ZsaZsa Gabor, Gerri Halliwell, Victoria Beckham, Keanu Reeves, Brad Pitt, Adam Sandler, Marlon Brando and Jennifer Lopez could be difficult to track down? Those names and the names of a number of other famous people are just some of the names in the Cali missing money database but they have never heard from the officials in the California Unclaimed Funds Division. They’re all owed checks for forgotten funds by Cali amounting from hundreds to the thousands as in the case of Angelina Jolie. This proves once again Cali state officials’ interest in holding this cash in the general fund for use in balancing the budget deficit for as long as they can. As a matter of fact, there was a recent ruling by a federal judge on CA abandoned assets, stating that the state wasn’t trying hard enough to locate the rightful owners and for a while halted the ability of the state to take and hold it until a better policy of returning it to the actual owners has been adopted.
(to be continued)
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Tips for New Yorkers to locate unclaimed funds – Newsday
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Tips for New Yorkers to locate unclaimed funds
Newsday, NY - The state of New York is currently holding about $9 billion in unclaimed funds. Does some of that money belong to you? The money in the state's unclaimed … Savings on ice: How to retrieve inactive bank accounts frozen by … |
Local man fights for unclaimed money – abc7news.com
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Local man fights for unclaimed money
abc7news.com, CA - SANTA ROSA, CA (KGO) — Have you ever found money in a pocket or drawer that you forgot you had? Millions of people have unclaimed property the state is … |
Kansans Find $826K In Unclaimed Money At Fair – KMBC.com
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Kansans Find $826K In Unclaimed Money At Fair
KMBC.com, MO - The Kansas State Treasurer's Office said that Kansans took home more than $826000 in cash and property just by stopping by the Unclaimed Property booth at … |
State treasurer to auction unclaimed property (The Providence Journal)
It’s the state’s first public sale of unclaimed property in a decade. Items include coins and jewelry.
