Search For CA Unclaimed Money – Part 1 of 2

(Part 1 of 2)

The state of California’s unclaimed property department takes in approximately $300 million every year. Why should you care? Well, if you or someone you know is or 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 big heap of California missing money might very well be yours!

Under the CA unclaimed property law, lost money 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 financial assets are passed along to the Department of the Treasury if their owners don’t come for them within a certain time period. This ‘dormancy period’ varies from state to state, but in California it’s three years. These lost assets then head to the CA unclaimed property division, where they wait 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 California unclaimed cash were criticized recently. It seems that they have been all to happy to track down and collect the lost funds from the establishments holding on to them but but were less than enthusiastic about locating the owners in the California unclaimed property database.

One of the main reasons for the government’s inability give back forgotten cash to residents, according to the government, is the fact that they can not be tracked down. Problem is, who would think people like Jennifer Lopez, Victoria Beckham, Brad Pitt, Adam Sandler, Angelina Jolie ,Marlon Brando, Keanu Reeves, ZsaZsa Gabor and Gerri Halliwell could be hard to find? Their names and the names of several other celebrities are just some of the names in the California missing money database but they have not been contacted by the officials in the California Unclaimed Property Division. They are all owed checks for unclaimed money by California amounting from hundreds to the thousands in Ms. Jolie’s case. This proves once again California state employees’ interest in keeping this money in the general fund for use in balancing the budget deficits for as long as they possibly can. As a matter of fact, there was a recent ruling by a judge on CA abandoned money, stating that the state wasn’t making enough of an effort to return it to its rightful owners and has temporarily halted the state’s s ability to seize it until a new policy of reuniting it with the rightful owners has been adopted.

(to be continued)

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