(Part 1 of 2)

The California’s unclaimed property department takes in roughly $300 million each year. What’s it to you? Well, if you or anyone you know is or ever was a resident of the Golden State (or ever had any type of business dealings, whether you knew it or not), a chunk of that big pile of CA unclaimed money might very well be yours!

Under the California unclaimed property (or escheat) law, missing 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 turned over to the Treasury Dept. if the rightful owners don’t locate them within a given period. This ‘dormancy period’ varies widely from state to state, but in CA it’s three years. These lost assets then get moved to the CA unclaimed property div, where they sit in the state’s general fund until they’re returned to the rightful owners. This is where state officials in-charge of the CA unclaimed cash were criticized recently. Seems that they have been eager to locate and take hold of the lost funds from the various establishments holding them but but were less than enthusiastic about contacting the owners in the CA unclaimed money list.

(to be continued)

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