(Part 1 of 2)

The state of California’s unclaimed property program takes in approximately $300 million annually. Why does it matter to you? Well, if you or anyone you know is or was a resident of the Golden State (or ever had any type of business dealings, whether you knew it or not), part of that big pile of CA missing money might very well belong to you!

Under the CA unclaimed funds law, lost money like 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 assets are passed along to the Treasury Dept. if the rightful owners don’t locate them within a certain time period. This ‘dormancy period’ varies from state to state, but in CA it is 3 years. These forgotten funds then get moved to the CA unclaimed property division, where they stay in the state’s general fund until they are returned to the people they truly belong to. This is where officials working for the state who handled CA unclaimed cash were recently criticized. Seems that they have been all to happy to locate and collect the lost funds from the various establishments holding them but showed less interest in tracking down the owners in the CA unclaimed property database.

One of the primary reasons for the government’s inability give back forgotten money to the people it belongs to, according to the government, is that they cannot be located. 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 find? Their names and the names of several other celebrities are just some of the names in the CA missing money database but they have never been contacted by the employees in the California Unclaimed Funds Division. They’re all owed checks for forgotten funds by CA amounting from hundreds to the thousands in Ms. Jolie’s case. This just proves CA state employees’ interest in holding this cash in the general fund for them to balance the budget deficit for as long as they possibly can. As a matter of fact, there was a recent ruling by a federal judge on CA abandoned assets, saying that the state wasn’t doing enough to locate the rightful owners and has temporarily halted the ability of the state to take and hold it until a proper method of returning it to the rightful owners was enacted.

(to be continued)

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