(Part 2 of 2)

The total dollar amount for these funds in CA averages five billion dollars annually – just imagine how much interest this generates for the state! Bill Palmer, an attorney in Sacramento who has fought in many cases involving California unclaimed property, has said that the state’s program was created to be a lost and found for residents of California. Instead, it has been turned into a profit making ‘business’ in the past few years.

The hold on the seizure of property by CA has now been lifted and the new California State Controller, John Chiang, is making extra efforts in the form of sweeping reforms in improving how his office is handling California unclaimed money. There’s still a great need though for residents of California and the other 49 states across the U.S. to be informed about the presence of these funds and on how to do a thorough search for them.

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