(Part 1 of 2)

The California’s unclaimed money department takes in roughly 300 million dollars annually. Why should you care? Well, if you or anyone you know is or ever was a resident of the Golden State (or had any kind of business dealings, whether you were aware of it or not), some of that big pile of California forgotten funds could easily belong to you!

Under the CA unclaimed property (or escheat) law, missing money such as 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 financial assets are turned over to the Department of the Treasury if their owners don’t locate them within a certain time period. This ‘dormancy period’ varies from state to state, but in California it’s 3 years. These abandoned assets then go to the CA unclaimed property div, where they wait in the state’s general fund until returned to the people they truly belong to. This is where officials working for the state who handled California unclaimed cash were recently criticized. Seems that they have been eager to locate and take hold of the lost funds from the establishments holding them but but weren’t so keen on locating the actual owners in the California unclaimed money database.

(to be continued)

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Death certificate would set $100,000 free
The Bank of Canada still needs convincing, but the owner of a $100,000 Edmonton account lies in the Cementerio de Guadalupe in San Jose, Costa Rica.

State eyes unclaimed cash as a quick fix – Detroit News
the unclaimed money goes into the state’s general fund. Previously, financial institutions had between five and 15 years to turn over the contents of dormant accounts or safety deposit boxes. Among those who face a tighter deadline to claim their money …

State Has Millions of Unclaimed Cash – WILX-TV
State lawmakers pass a bill that changes the unclaimed property laws. Under the new bill, residents will have three years to claim forgotten assets like bank accounts, safety deposit boxes and paychecks, before that money goes into the general fund.