(Part 1 of 2)
The state of California’s unclaimed property department takes in about three hundred million dollars 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 ever had any type of business dealings, whether you knew it or not), a chunk of that massive pile of California missing money could very well be yours!
Under the state of California unclaimed funds 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 passed along to the Department of the Treasury if the rightful owners don’t come for them within a certain time period. This ‘dormancy period’ varies from state to state, but in California it’s 3 years. These abandoned assets then head to the California unclaimed property div, where they sit in the state’s general fund until returned to the people they truly belong to. This is where state employees who handled California unclaimed cash were criticized recently. Seems that they were all to happy to locate and take hold of the lost assets from the various establishments holding on to them but but weren’t so keen on contacting the actual owners in the California unclaimed property records.
One of the main reasons for the government’s inability to return forgotten money to residents, they say, is that they can not be tracked down. The problem is, who would think that people like Jennifer Lopez, Victoria Beckham, Brad Pitt, Adam Sandler, Angelina Jolie ,Marlon Brando, Keanu Reeves, ZsaZsa Gabor and Gerri Halliwell would be difficult to locate? Those names and the names of several other celebrities are just some of the names in the California missing money database and yet they haven’t heard from the officials in the California Unclaimed Property Division. They are all owed checks for lost assets by California ranging in amount from hundreds to the thousands in Ms. Jolie’s case. This proves once again California state employees’ interest in keeping this cash in the general fund for use in balancing 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 cash, saying that the state wasn’t trying hard enough to locate the 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 actual owners was enacted.
(to be continued)
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