Unclaimed Money in the State of California
The National Association of Unclaimed Property Administrators oversees all the abandoned, forgotten and misaddressed money in the United States.
Individual states like California account for over $8 billion worth of unclaimed property that just wasn’t able to be delivered to their rightful owners despite the efforts of the state.
If you’re a citizen of California, and you’re wondering, “Any money owed to me?” Well, you might be one of the many whose checks were delivered to the wrong address, had gold, silver, jewelry provided to a financial institute for safekeeping but simply forgotten.
The State Comptroller of California coordinates a massive database of unclaimed goods in its state stash, and they have set forth mechanisms in place to ensure that government unclaimed funds and unclaimed cash find their way back to their owners.
How to Claim Unclaimed Money in the State of California?
This is lost and unclaimed money that can offer serious financial relief to their forgetful owners, and every month, the state regularly distributes more than $25 million to its residents.
The California Unclaimed Money Law stipulates that businesses report and deliver the assets that haven’t been redeemed yet, such as
- Forgotten trust funds
- Certificates of deposit
- Uncashed cashier’s checks
- Money orders
- Stocks, mutual funds
- Safe-deposit box contents
- Royalty payments going to the wrong addresses
- Insurance policies which were either terminated or matured
As long as it is of identifiable monetary value and over $50, the state comptroller office of California sends out notices to the owners of the property to collect their unclaimed money. Failing which, the sum is turned over to California’s State Department of Revenue where it sits in wait.
There is a way for you to actively get unclaimed money through the channels the government has put in place. An unclaimed money search can be conducted online.
California Unclaimed Money
To claim your unclaimed cash, you would be needing to individually go through your State Departments of Taxation, old bank accounts, insurance agencies, and dozens of other agencies that hold your records, or you could simply locate your state comptroller website to input your name and find out if any claims with your names exist. Make sure to use your full name, your business name and your reference number if you have been given one to thoroughly search the database. And even if you are unable to find anything, it is entirely possible that you have pending claims in other states that you are unaware of. A multi-state search would clear things up as tediousness of going through dozens of different agencies are already handled by the government mechanisms in place to help you.
Follow These Steps:
- Locate the correct unclaimed money website that handles the state you’re looking in.
- Enter your full name, business name, or reference number if you have any. You will find the list of claims available to you.
- The right website will alert you if you are eligible for electronic submissions, else resort to the postal service to send your claims.
- Once you have correctly identified a claim that belongs to you.
- Gather the appropriate documentation.
- You will need a valid driver’s license connected to the state you are placing the claim from.
- Social Security details including photocopies.
- Your proof of address that was connected with the location that the accrued claims are linked to.
- Your proof of current residence.
- Your IRS Form W-2.
- Compile your claim forms and submit them.
- After filling out the required forms on the website and attaching the requested documents, you must either send them digitally or send them via the postal service.
- The California State Controller can be reached on the following address:
- Unclaimed Property Division P.O. Box 942850, Sacramento, CA 94250-5873
- Sit back and await your unclaimed cash
- Some claims take days to get processed, some can take 6 months depending on the complexity and work involved.
It’s time for you to kick back and simply await your unclaimed money to be processed and delivered.