Have you checked lately to see if you’re owed unclaimed money in California? Were there valuables you left at a bank years ago and forgot about?The California state controller’s office maintains a system for people to search for unclaimed property by name and is safeguarding more than $11.9 billion worth of properties until the rightful owners can be found. California also recently joined with MissingMoney.com, a national website that allows people to search unclaimed property databases in 48 states, Washington, D.C., and Puerto Rico. Controller Malia Cohen told KCRA 3 the partnership will help the state to "leverage our reach." "This is a national organization that has a fantastic reputation and an ability to connect people to their money, so we're just partnering with them to help us further our reach," she said. Each year companies send over the unclaimed property to the state and items are added daily to the state's searchable database as they are processed. "We've heard that as many as one in three people that visit the website find unclaimed property," said Jennifer Hanson from the State Controller’s Office. "In the vast majority of those cases, it's a hundred or less sometimes, but in some cases, it is enough to be a mortgage payment." The controller’s office recommends that people check the site at least once a year. It was able to reunite 535,342 properties with their owners during the 2020-21 fiscal year. The property was worth more than $330 million. “It’s definitely frustrating,” added Ken Parham from the State Controller’s Office. “You know there are things that we have more important than valuable items. There are family documents and very personal items that we want people to get back.”Here’s more on what to know about searching for your unclaimed property and making a claim.Why does the state of California have financial assets in my name? Financial institutions and other businesses are required by law to report each year and deliver “property” to the controller’s office if there hasn’t been activity on someone’s account or contact with its owner for a period of time, which is generally about three years. Sometimes the account’s owner moves and forgets to leave a forwarding address for a company to send them a check for what they’re owed. Other times the person dies. What kind of property goes unclaimed? These are the most common types of unclaimed property, according to the state. Bank accounts and safe deposit box contentsStocks, mutual funds, bonds, and dividendsUncashed cashier’s checks and money ordersCertificates of depositMatured or terminated insurance policiesEstatesMineral interests and royalty paymentsTrust funds and escrow accountsUtility account depositsThe unclaimed property program does not deal with real estate. How much lost money are we talking about? About 70.4 million properties are worth about $11.9 billion, according to the controller’s office. Where can you search for your unclaimed property? Click here to visit Claimit.ca.gov. The state offers an easy-to-look-up method if you have a property to claim. The state is now also on MissingMoney.com. What happens before these assets are given to the state? Companies are first required to try to contact the owners before transferring the assets to the controller’s office. The controller’s office then sends its own notices to property owners, allowing more time for the owner to try to get their property back. Here’s an example of what such letters look like. For the previous fiscal year, the controller mailed out 1.5 million notification letters to owners of property valued at $50 or more. How do I claim unclaimed property? Can I make a claim for a relative who died?Owners can search and claim their property for free but will need to verify their ownership. People can call 800-992-4647 with questions. People can also call the same number if they think the state has their property but they can’t see it listed on the website. Heirs, trustees and other executors can also file claims for owners who have died. Some companies and people charge a fee to search for unclaimed property and file claims on behalf of owners or heirs. These “investigators,” as they are officially called, by law can’t charge a fee greater than 10% of the value of the property that is returned."Simply apply," Cohen said. "The process to receive the money is very easy. Once you apply, you put in your personal identifying information then the staff will reach out and further vet and verify everything. Then a staff person in the controller's office will facilitate that." | MORE LIKE THIS | Northern California counties have millions of dollars in unclaimed money, as well. See if any belongs to you-KCRA 3's Jason Marks contributed to this report.
Have you checked lately to see if you’re owed unclaimed money in California? Were there valuables you left at a bank years ago and forgot about?
The California state controller’s office maintains a system for people to search for unclaimed property by name and is safeguarding more than $11.9 billion worth of properties until the rightful owners can be found.
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California also recently joined with MissingMoney.com, a national website that allows people to search unclaimed property databases in 48 states, Washington, D.C., and Puerto Rico.
Controller Malia Cohen told KCRA 3 the partnership will help the state to "leverage our reach."
"This is a national organization that has a fantastic reputation and an ability to connect people to their money, so we're just partnering with them to help us further our reach," she said.
KCRA
Each year companies send over the unclaimed property to the state and items are added daily to the state's searchable database as they are processed.
"We've heard that as many as one in three people that visit the website find unclaimed property," said Jennifer Hanson from the State Controller’s Office. "In the vast majority of those cases, it's a hundred or less sometimes, but in some cases, it is enough to be a mortgage payment."
The controller’s office recommends that people check the site at least once a year. It was able to reunite 535,342 properties with their owners during the 2020-21 fiscal year. The property was worth more than $330 million.
“It’s definitely frustrating,” added Ken Parham from the State Controller’s Office. “You know there are things that we have more important than valuable items. There are family documents and very personal items that we want people to get back.”
Here’s more on what to know about searching for your unclaimed property and making a claim.
Why does the state of California have financial assets in my name?
Financial institutions and other businesses are required by law to report each year and deliver “property” to the controller’s office if there hasn’t been activity on someone’s account or contact with its owner for a period of time, which is generally about three years.
Sometimes the account’s owner moves and forgets to leave a forwarding address for a company to send them a check for what they’re owed. Other times the person dies.
What kind of property goes unclaimed?
These are the most common types of unclaimed property, according to the state.
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed cashier’s checks and money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Estates
- Mineral interests and royalty payments
- Trust funds and escrow accounts
- Utility account deposits
The unclaimed property program does not deal with real estate.
KCRA
How much lost money are we talking about?
About 70.4 million properties are worth about $11.9 billion, according to the controller’s office.
KCRA
Where can you search for your unclaimed property?
Click here to visit Claimit.ca.gov. The state offers an easy-to-look-up method if you have a property to claim. The state is now also on MissingMoney.com.
What happens before these assets are given to the state?
Companies are first required to try to contact the owners before transferring the assets to the controller’s office. The controller’s office then sends its own notices to property owners, allowing more time for the owner to try to get their property back. Here’s an example of what such letters look like. For the previous fiscal year, the controller mailed out 1.5 million notification letters to owners of property valued at $50 or more.
How do I claim unclaimed property? Can I make a claim for a relative who died?
Owners can search and claim their property for free but will need to verify their ownership. People can call 800-992-4647 with questions. People can also call the same number if they think the state has their property but they can’t see it listed on the website.
Heirs, trustees and other executors can also file claims for owners who have died.
Some companies and people charge a fee to search for unclaimed property and file claims on behalf of owners or heirs. These “investigators,” as they are officially called, by law can’t charge a fee greater than 10% of the value of the property that is returned.
"Simply apply," Cohen said. "The process to receive the money is very easy. Once you apply, you put in your personal identifying information then the staff will reach out and further vet and verify everything. Then a staff person in the controller's office will facilitate that."
| MORE LIKE THIS | Northern California counties have millions of dollars in unclaimed money, as well. See if any belongs to you
-KCRA 3's Jason Marks contributed to this report.
