Is California holding unclaimed property for you? - Spidell

Is California holding unclaimed property for you?


February 1, 2021, was the first-ever National Unclaimed Property Day, and according to the National Association of Unclaimed Property Administrators, one in every 10 people nationwide has forgotten properties waiting to be claimed.1

California has more than $10.2 billion in lost or forgotten properties. These can include bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. In fiscal year 2019–20, the State Controller’s Office reunited owners with $258 million in unclaimed property.

California’s Unclaimed Property Law requires banks, insurance companies, corporations, and other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a certain period of time – generally three years.

Smaller claims with clear proof of ownership can be filed online and the property owner will often have a check within weeks.

An unclaimed property search can be made at:

claimit.ca.gov

1 California State Controller Press Release PR21:03 (February 1, 2021)