(Part 1 of 2)

The California’s unclaimed money program takes in about 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 had any kind of business dealings, whether you knew it or not), part of that big heap of Cali unclaimed money might easily belong to you!

Under the state of California unclaimed funds law, missing money like forgotten savings and checking accounts, cash and stock dividends, mineral deposits, uncashed checks and money orders, state of California unclaimed tax refunds, salary checks, gift certificates, and other financial assets are passed along to the Treasury Department if their 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 go to the CA unclaimed property division, where they wait in the state’s general fund until returned to their rightful owners. This is where state officials in-charge of the Cali unclaimed cash were recently criticized. It seems that they were all to happy to locate and take hold of the lost assets from the establishments holding on to them but but weren’t so keen on tracking down the owners in the Cali unclaimed funds records.

(to be continued)

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