The State of California Unclaimed Money division is filling up its coffers with lost financial assets. In a latest development, there are about $6 billion in unclaimed property left unclaimed by its residents. Almost 11.6 million accounts are left dormant which is the result of the owner’s unawareness of its existence. Though unclaimed property law of California is a great step forward, the level of awareness is still very low.
What can comprise the State of California’s unclaimed money? It could be anything like expired gift certificates, money orders, checks not cashed, abandoned bank accounts, unclaimed tax refunds and unclaimed payroll checks. This goes to the general account or fund until claimed by its owners within a span of three years.
Money resulting from unclaimed property is still on the rise. Who is the beneficiary of this money? Obviously the State’s General Fund of California benefits from cash with accrued interest. No doubt, California is also home to missing funds and property in it continues to swell the coffers with unclaimed property.
The state of California has enacted a law that covers Unclaimed Property that obligates property holders such as insurance companies, business associations, corporations, and financial institutions to make an annual report to the State Controller’s Office. However, this was highly criticized owing to the fact that the accrued interest automatically belongs to the state and not the property owner.
The State of California Unclaimed Money and its accumulation is a direct result of the state’s failure to have central database to locate its owners. Today, around $600 million dollars is accumulating in the State’s general fund representing unclaimed property monthly. Also, it was ironic to think that celebrities like Angelina Jolie, Brad Pitt and many others were difficult to locate for purposes of returning these unclaimed properties.
The State of California Unclaimed Money division is trying its best to reach owners by notifying them of the existence of these lost accounts. Notifications are done through letters, emails, publication in a newspaper of general circulation, third party agencies, advertising campaigns and even statewide events that promote information dissemination regarding unclaimed property. So what are you waiting for? Find out if you have a rightful claim to a unclaimed property today!