(Part 1 of 2)

The California’s unclaimed funds program takes in roughly three hundred million dollars each year. Why should you care? Well, if you or anyone you know is or has been 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 Cali unclaimed money could easily be yours!

Under the CA unclaimed property law, abandoned assets such as 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 Dept. if their owners don’t come for them within a given period. This ‘dormancy period’ varies from state to state, but in Cali it’s 3 years. These unclaimed monies then head to the California unclaimed property division, where they stay in the state’s general fund until returned to their rightful owners. This is where state employees who handled Cali unclaimed cash were criticized recently. It appears that they were eager to locate and collect the lost funds from the establishments holding them but but weren’t so keen on contacting the actual owners in the Cali unclaimed property list.

(to be continued)

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Millionaires surface on state’s unclaimed money website – ABC Action News
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