(Part 1 of 2)

The California’s unclaimed funds department takes in roughly $300 million each year. What’s it to you? Well, if you or someone you know is or ever was a resident of the Golden State (or had any kind of business dealings, whether you were aware of it or not), some of that massive pile of CA lost assets might easily be yours!

Under the CA unclaimed property law, lost 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 financial assets are turned over to the Department of the Treasury if the rightful owners don’t come for them within a given time period. This ‘dormancy period’ varies widely from state to state, but in CA it’s 3 years. These forgotten funds then head to the California unclaimed property div, where they sit in the state’s general fund until they are returned to their rightful owners. This is where state employees who handled CA unclaimed cash were recently criticized. It appears that they have been eager to locate and collect the lost assets from the various establishments holding on to them but but were less than enthusiastic about tracking down the owners in the CA unclaimed property database.

(to be continued)

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