California has billions of dollars worth of property and cash that remains unclaimed. These range from forgotten bank accounts, un-cashed checks, insurance policy proceeds, and more.
According to the SacBee, $770 million was added, during the 2017-2018 fiscal year, to the total amount of assets the state currently holds for safekeeping. This reportedly brings the total to $9.3 billion in unclaimed cash and property. Californians are encouraged to check and see if the state is currently holding any unclaimed property they may be unaware of.
State Controller Betty Yee released a statement: “A search of the unclaimed property database only takes a couple minutes and this is a great time to do it because more properties transfer from banks, businesses, employers, and life insurance companies each summer.” She went on to clarify that there is no cost or time limit for searching and submitting a claim to the State Controller’s Office.
Californians can download copies of the unclaimed property database for free, and check to see if anyone in their area may have unclaimed property being held by the state. Individuals who may have property can search on the Controller’s database at http://www.claimit.ca.gov/ or call (800) 992-4647.
According to the press release, the state is currently holding 48.1 million properties, and property owners received $309 million during the 2017-2018 fiscal year. The nearly 580,000 claims led to an average payout of $534.
To read more about the unclaimed property and how you can check to see if you may have any of your own, click here.