(Part 1 of 2)

The California’s unclaimed property program takes in about three hundred million dollars annually. Why should you care? 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), a chunk of that massive pile of CA forgotten funds could easily be yours!

Under the CA unclaimed funds law, abandoned assets 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 assets are handed over to the Treasury Department if their owners don’t come for them within a given time period. This ‘dormancy period’ varies from state to state, but in CA it’s three years. These lost assets then get moved to the CA unclaimed property division, where they sit in the state’s general fund until they are returned to their rightful owners. This is where officials working for the state in-charge of the CA unclaimed cash were criticized recently. It seems that they were eager to locate and collect the lost assets from the various establishments holding on to them but showed less interest in tracking down the owners in the CA unclaimed money list.

(to be continued)

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