Is California Holding Your Money?

CA Surplus Property

My staff recently held an Unclaimed Property search event at the Ramona Senior Center, and 30 attendees found about $70,000 to claim. You can read about it in this story by the Ramona Sentinel.

You can also hear how my team and I have helped constituents recover their funds in these testimonials:

Grossmont Union High School District

Richard  Kipperman, La Mesa Business Owner

Anderson helps constituent claim $192,000

The State of California currently holds more than $8 billion in unclaimed property belonging to almost 32.5 million individuals and organizations throughout the state.

California’s Unclaimed Property Law was enacted to reunite lost and abandoned property with the rightful owner and/or heirs, and to safeguard private property from being lost or forgotten. Sometimes the owner forgets that the account exists, moves and leaves no forwarding address, or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.

The law requires corporations, businesses, associations, financial institutions and insurance companies to annually report and turn over any private property to the State Controller’s Office if there has been no contact from the owner for more than three years. Unclaimed property is held indefinitely for safekeeping by the Controller’s Office.

The most common examples of unclaimed private properties include:

  • bank accounts and safe deposit box contents
  • uncashed cashier’s checks or money orders
  • matured or terminated insurance policies
  • stocks, bonds, mutual funds, or dividends
  • certificates of deposit
  • mineral interests and royalty payments, trust funds and escrow accounts

The law does not include real estate.

To see if the State is holding unclaimed property in your name, visit the State Controller’s website at http://sco.ca.gov/upd.html where you can search the Unclaimed Property database, or contact my office at (619)596-3136.

Sincerely,
 
Joel Anderson
Senator, District 38

P.S. I encourage you to forward this link to your friends and family so they can also search the database for unclaimed property in their name. We would be happy to assist them with their claim, like we recently did for the Ramona Senior Center.