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find_unclaimed_money_in_california [2018/02/19 21:52]
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find_unclaimed_money_in_california [2018/06/05 17:54] (current)
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Well — in spite of the efforts they say are made to find rightful owners of unclaimed property held by the state, California just keeps on piling up the dough (aka other people’s money!).  They are currently holding a record $8 billion (yes, billion!) —- and 90% of it is actually in cash!  Even at a small interest rate, that means the state is earning interest on that cash that must equal more than $14 million per year. And given California’s financial situation, we’re sure those extra millions come in handy. So read carefully and leave no stone unturned looking to claim money that is yours! Well — in spite of the efforts they say are made to find rightful owners of unclaimed property held by the state, California just keeps on piling up the dough (aka other people’s money!).  They are currently holding a record $8 billion (yes, billion!) —- and 90% of it is actually in cash!  Even at a small interest rate, that means the state is earning interest on that cash that must equal more than $14 million per year. And given California’s financial situation, we’re sure those extra millions come in handy. So read carefully and leave no stone unturned looking to claim money that is yours!
-**Update September 2017** +**Are They Looking for Owners?** 
-According to a March 2017 report California still is holding around $8 billion (yes, billion) dollars worth of unclaimed property. They and other states claim they work diligently to find rightful owners but if you live in that state have you ever been contacted about property that might be yours? Or seen and add or news report about how to see if they're holding your property? You may have ignored it because you figure maybe the property is just some meaningless souvenir left in a safe deposit box. But according to a recent report a whopping 90% of this property is being held in cash! Wow. Read on find out if some of it is yours!+According to a March 2017 report California held around $8 billion (yes, billion) dollars worth of unclaimed property. They and other states claim they work diligently to find rightful owners but if you live in that state have you ever been contacted about property that might be yours? Or seen and add or news report about how to see if they're holding your property? You may have ignored it because you figure maybe the property is just some meaningless souvenir left in a safe deposit box. But according to a recent report a whopping 90% of this property is being held in cash! Wow. Read on find out if some of it is yours - and how to claim it!
-**Update April 2017** +**Good News for Safe Deposit Box Owners** 
-A new law in California increases the probability that more owners of certain types of unclaimed property will be located and notified. The law relates to the contents of safe deposit boxes that have been turned over to the state. Previously, the state was only allowed to notify the person in whose name the safe deposit box was held. But many such boxes contain saving bonds and military awards that are in the names of relatives. California currently holds over 138,000 safe deposit boxes. They are now going through the properties and notifying people of the holdings if they can locate them. They have also expanded their database so you can search more records than you could in the past at claimit.ca.gov.+A recent law in California increases the probability that more owners of certain types of unclaimed property will be located and notified. The law relates to the contents of safe deposit boxes that have been turned over to the state. Previously, the state was only allowed to notify the person in whose name the safe deposit box was held. But many such boxes contain saving bonds and military awards that are in the names of relatives. California currently holds over 138,000 safe deposit boxes. They are now going through the properties and notifying people of the holdings if they can locate them. They have also expanded their database so you can search more records than you could in the past at claimit.ca.gov.
-**January 2017 Update**+**Your Unclaimed Money May Support the State Budget...**

It’s hard to imagine that the state is terribly motivated to put a lot of effort to find owners of unclaimed property. With more than an estimated $8 billion in their keeping, they get to take a portion of the proceeds and put it right into the State Budget. In fact, each month they take all but $50,000 of the assets and move into the state’s general fund.  And the income from that property is reported to now be California’s fifth largest revenue source for its budget. (Since the program started in the 1950’s the state has taken in over $7.2 billion worth of unclaimed assets. We have not seen any report about how much of that value was returned to its owners over that same period.) The Controller has suggested that the legislature should put more resources into the program so that rightful owners can be found. One wonders why the money taken from the holding each month don’t go into increased efforts rather than into the general fund…. 
It’s hard to imagine that the state is terribly motivated to put a lot of effort to find owners of unclaimed property. With more than an estimated $8 billion in their keeping, they get to take a portion of the proceeds and put it right into the State Budget. In fact, each month they take all but $50,000 of the assets and move into the state’s general fund.  And the income from that property is reported to now be California’s fifth largest revenue source for its budget. (Since the program started in the 1950’s the state has taken in over $7.2 billion worth of unclaimed assets. We have not seen any report about how much of that value was returned to its owners over that same period.) The Controller has suggested that the legislature should put more resources into the program so that rightful owners can be found. One wonders why the money taken from the holding each month don’t go into increased efforts rather than into the general fund….
**May 2016 Update** **May 2016 Update**
-As of early 2016 California was holding $8 billion in unclaimed assets. And the state actually takes $450 million from that and adds it into their budget. A lawsuit was taken to the Supreme Court by lawyers who claimed the state doesn’t do enough to return property to rightful owners. California survived the court challenge but court judge statements made it clear that they would decide in a future case whether the states should be required to do more to return property to owners.+As of mid-2018 California holds $9billion in unclaimed assets. And the state actually takes $450 million from that and adds it into their budget. A lawsuit was taken to the Supreme Court by lawyers who claimed the state doesn’t do enough to return property to rightful owners. California survived the court challenge but court judge statements made it clear that they would decide in a future case whether the states should be required to do more to return property to owners.
**Your Unclaimed Money, Your Search** **Your Unclaimed Money, Your Search**
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Don't assume that the state will let you know they're holding money in your name. Though that may not be fair, it's reality. An early 2015 L.A. Times article reports that California makes more than $400 million dollars every year on the unclaimed property (that belongs to people like you) it is holding. This is even the fifth largest source of income for California’s general fund budget! It’s hard to imagine, then, that they are terribly motivated to find the rightful owners of this property, even though that is the law. The report is putting pressure on the state to improve and be more aggressive about finding the rightful owners of this property. The state must pay every valid claim for the property they hold, so it’s worth your time to learn more about how best to search for money that could belong to you. Don't assume that the state will let you know they're holding money in your name. Though that may not be fair, it's reality. An early 2015 L.A. Times article reports that California makes more than $400 million dollars every year on the unclaimed property (that belongs to people like you) it is holding. This is even the fifth largest source of income for California’s general fund budget! It’s hard to imagine, then, that they are terribly motivated to find the rightful owners of this property, even though that is the law. The report is putting pressure on the state to improve and be more aggressive about finding the rightful owners of this property. The state must pay every valid claim for the property they hold, so it’s worth your time to learn more about how best to search for money that could belong to you.
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**California Fraud Alert** **California Fraud Alert**
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If you receive an email claiming to be from someone in the Controller’s office, beware. They will probably tell you to get in touch with a lawyer to help you find unclaimed property. This is a scam! The Controller’s office sends no emails to individuals or businesses and it is illegal for others to pretend to be from that office. If you get an email like that, forward it to the Controller’s office because they want to take action on it.  Important facts to remember: If you receive an email claiming to be from someone in the Controller’s office, beware. They will probably tell you to get in touch with a lawyer to help you find unclaimed property. This is a scam! The Controller’s office sends no emails to individuals or businesses and it is illegal for others to pretend to be from that office. If you get an email like that, forward it to the Controller’s office because they want to take action on it.  Important facts to remember:
  - Never respond to these solicitations and never give out personal information.   - Never respond to these solicitations and never give out personal information.
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**3 Easy Steps To Find California Unclaimed Money** **3 Easy Steps To Find California Unclaimed Money**
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  - Go to the official [[https://ucpi.sco.ca.gov/UCP/|Unclaimed Property Search Page]].   - Go to the official [[https://ucpi.sco.ca.gov/UCP/|Unclaimed Property Search Page]].
  - Choose the appropriate “button” — usually you will be doing an Individual Owner Search (see the selected button in the diagram) but you may also do a search as a business or use a Property ID if you have one (unlikely).  {{:cal_unclaimed_doc_search.jpg?320x149|}}   - Choose the appropriate “button” — usually you will be doing an Individual Owner Search (see the selected button in the diagram) but you may also do a search as a business or use a Property ID if you have one (unlikely).  {{:cal_unclaimed_doc_search.jpg?320x149|}}
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find_unclaimed_money_in_california.txt · Last modified: 2018/06/05 17:54 by admin