November 10, 2008

Tracking Down Unclaimed Cash in California – Part 1 of 2

(Part 1 of 2)

The California’s unclaimed money department takes in roughly three hundred million dollars each year. Why should you care? Well, if you or someone you know is or was a resident of the Golden State (or had any kind of business dealings, whether you were aware of it or not), a chunk of that massive pile of CA forgotten funds could very well belong to you!

Under the CA unclaimed property (or escheat) 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 assets are handed over to the Treasury Department if the rightful owners don’t come for them within a certain time period. This ‘dormancy period’ varies from state to state, but in CA it’s 3 years. These unclaimed monies then go to the CA unclaimed property div, where they stay in the state’s general fund until they’re returned to the people they truly belong to. This is where state officials who handled CA unclaimed cash were recently criticized. Seems that they have been eager to track down and collect the lost assets from the various establishments holding them but but were less than enthusiastic about contacting the actual owners in the CA unclaimed money list.

(to be continued)

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Stimulus checks, refunds still unclaimed (Sedalia Democrat)
A check awaits 33 Pettis County taxpayers who have not collected Internal Revenue Service refunds or stimulus payments. In all, the IRS owes more than $40,000 to taxpayers here.

49 News helps viewers find money (49 ABC News Topeka)
Learn what one viewer found out when he called in during the 49 News Unclaimed Property phone bank Wednesday.

Are you owed money? Tennessee’s unclaimed cash (WBIR-TV Knoxville)
When companies cannot locate the rightful owners of property, they turn the money over to the Tennessee Treasury. Your share of more than $370 million held by the state could be waiting for you to claim it.

Geeks Glimmer this Holiday Season with Sterling Silver Jewelry (PRWeb via Yahoo! News)
Reclaimed technology components make unique holiday gifts!

State Treasurer Surprises Residents with Unclaimed Money – Action 3 News