(Part 1 of 2)

The California’s unclaimed funds department takes in approximately 300 million dollars annually. What’s it to you? Well, if you or anyone you know is or has been a resident of the Golden State (or ever had any type of business dealings, whether you were aware of it or not), some of that big pile of Cali missing money might easily be yours!

Under the state of California unclaimed funds law, missing money 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 financial 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 widely from state to state, but in Cali it’s three years. These forgotten funds then get moved to the California unclaimed property division, where they stay in the state’s general fund until they are returned to the rightful owners. This is where state employees who handled Cali unclaimed cash were criticized recently. It seems that they have been all to happy to track down and take hold of the lost assets from the establishments holding on to them but but weren’t so keen on contacting the owners in the Cali unclaimed money records.

(to be continued)

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