CA Holds Billions In Unclaimed Money: Are You Owed A Bundle?

CALIFORNIA — When a letter from the State Controller's office arrives saying they have money for you, pay attention. Many of California's 39 million residents have small to huge amounts of unclaimed cash waiting to be claimed, according to State Controller Malia M. Cohen.

Last fall, Cohen announced that the California State Controller's Office held billions in unclaimed funds. That number has steadily climbed over the past three years, according to statistics on the controller's website.

"My office safeguards over $11 billion in unclaimed property belonging to Californians, and I am committed to making the claims process easier for everyone," Cohen said.

The Golden State and MissingMoney.com, a free, safe, and secure national website created to reunite people with unclaimed property, partnered to make it easier to claim the funds.

Most claims are small and range from $40 to a few hundred.

Monique Langer, an Assistant Deputy Controller, told previously told Patch that unclaimed funds often come from forgotten accounts and utility services.

Whether or not you get an alert letter from the California State Controller's Office, anyone can conduct an unclaimed property search through the State Controller's website at claimit.ca.gov, through MissingMoney.com, or by calling (800) 992-4647.

Anyone can search or download the unclaimed property database for free to see if friends and family also have items safeguarded by the state, according to the controller's website.

California's unclaimed property law protects consumers by requiring banks, insurance companies, and other businesses to transfer property to the State Controller after no activity (generally three years).

Where does the unclaimed money come from?

According to the controller's website, most funds stem from savings or checking accounts, insurance benefits, uncashed checks, wages, stocks, bonds, and safe deposit box contents.

"Contact is often lost when the owner forgets the account exists or moves and does not leave a forwarding address," the controller's website said. "In some cases, the owner dies with heirs who have no knowledge of the property."

Visit claimit.ca.gov for more information.