Each year, millions of dollars in financial assets are transferred to the State of California as unclaimed property. Unclaimed property refers to financial assets that have had no activity or contact from the owner for a period of time, typically three years. It’s important to note that California’s unclaimed property law applies only to financial assets and does not include real estate.
Common examples include forgotten bank accounts, safe deposit box contents, uncashed cashier’s checks or money orders, and refundable utility deposits. When the rightful owner claims the property, the state returns it in the form of a check.
Under California law, corporations, businesses, financial institutions, insurance companies, etc. must annually review their records and report inactive accounts. After the required waiting period, those assets must be transferred to the State Controller’s Office for safekeeping until the owner comes forward.
Accounts often become inactive when people move without updating their address, forget about old accounts, or pass away without heirs knowing the assets exist. Before transferring property to the state, the organization holding the funds is required to attempt to contact the owner at their last known address and notify them that the property will be turned over if no response is received. Keeping your contact information up to date can help prevent assets from becoming unclaimed. You can also check whether you have property being held by visiting the California State Controller’s Office website (www.sco.gov) or using county “unclaimed property” search tools that allow you to look up current or previous addresses. Happy hunting!
