Locating Lost Money in California – Part 1 of 2

(Part 1 of 2)

The California’s unclaimed property department takes in approximately $300 million every year. Why does it matter to you? Well, if you or someone you know is or has been a resident of the Golden State (or ever had any type of business dealings, whether you were aware of it or not), some of that big pile of California unclaimed money could very well belong to you!

Under the CA unclaimed funds 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 assets are passed along to the Treasury Department if their owners don’t locate them within a certain time period. This ‘dormancy period’ varies widely from state to state, but in California it’s three years. These unclaimed monies then get moved to the California unclaimed property division, where they stay in the state’s general fund until they’re returned to the rightful owners. This is where state employees in-charge of the California unclaimed cash were recently criticized. It seems that they have been all to happy to track down and collect the lost assets from the establishments holding them but showed less interest in contacting the owners in the California unclaimed property database.

(to be continued)

–

Unclaimed Money: $33 Billion in Missing Funds – RIGHTPUNDITS.COM
Latest news reports indicate that there are vast sums of unclaimed money, $33 billion to be specific, sitting in the coffers of government agencies and banks. While this may seem like some fantasy get-rich-quick advertisement, and it certainly is not …

Searching for unclaimed money? It’s easier than it used to be – WTOL-TV
News reports that Americans are owed $33 billion or more in “unclaimed money” conjure up images of lottery-style windfalls. The reality is that if you are able to find something like a long-forgotten bank account, the amount you reap will probably be …

How To Find Unclaimed Money on pbgc.gov – current-movie-reviews.com
As we are all struggling to pay our bills, any chance we have to find unclaimed money is one we should look into, and the pbgc.gov website is one place to look. pbgc.gov is the Pension Benefit Guaranty Corporation’s website, and what they are is a …

Illinois Supreme Court: State can profit from unclaimed … – Quad Cities Onlines
SPRINGFIELD, Ill. (AP) — The state Supreme Court says Illinois is doing nothing wrong when it makes money off of unclaimed property. Illinois has a policy of taking control of long-forgotten bank accounts and other forms of abandoned property. If …