There is over $6.1 billion in California unclaimed money belonging to over 17 million accounts!
The California Unclaimed Money Law requires all businesses (Holders) to report and deliver assets to the State Conroller’s Office after there has been no activity on the account or contact with the owner during the dormancy period.
If the value of the property is more than $50, the Controller’s office sends out a notice to the property owner that it is going to transfer the property to the State’s unclaimed money division if the property owner does not contact the business holding it by a certain date.
The name of the business holding the property, the contact information, and the amount and type of property are all on this notice.
If the owner doesn’t receive the notice, or doesn’t take action, the money is turned over to the State.
If the owner somehow figures out on his/her own that the money is being held by the State, there is no time limit to file a claim and recover it.
If an owner of California unclaimed money does file a claim to recover their money, they will be sent a “claim receipt letter” showing the date the claim was received by the California Unclaimed Money Division.
The law in California allows the State up to 180 from the date they receive the claim to review everything and decide if the documentation provided supports the claim.
Simple claims just regarding cash may take only 30 to 60 days to be processed.
Claims that are more complex, such as those involving more than one owner, claims filed by heirs, or claims involving businesses are usually processed within 180 days.
Claims that take the longest usually involve stocks, bonds or other securities that need to be researched to get the exact value of the security.
These can take an additional 90 to 180 days.
Click here to go the California website and do a search for unclaimed money.
Did you know you can make money finding unclaimed money for other people?
Unclaimed money finders locate people that don’t know they money being held for them and help them to recover it. In return, they charge a commission after the money is recovered.
Please click here if you would like to learn more about this business.