Reminder about Unclaimed Property
California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years). Currently, the state has more than $8 billion in unclaimed property belonging to approximately 32.5 million individuals. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. For claims where the property is worth less than $500 and there is only one listed owner, the process is a simple online form and users could get a check for their unclaimed property within 14 days. For items such as unclaimed money orders, cashier’s checks, royalties, and the contents of safe-deposit boxes, a paper process is required. Check out the CA State Controller website at http://sco.ca.gov/upd_msg.html today and see if you or a relative has any unclaimed property!
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