WHAT IS UNCLAIMED PROPERTY ?

                Unclaimed property is defined as any financial assets left inactive by its owner for a period of three (3) years in the State of California. California’s unclaimed property law does not include Real Estate.

 

Common Types of Unclaimed Properties:

·         Bank Accounts & Safe Deposit Boxes

·         Stocks, Mutual Funds, Bonds & Dividends

·         Uncashed Cashier’s Checks & Money Orders

·        Certificates of Deposit (CD's)

·         Matured or Terminated Insurance Policies

·         Estates

·         Mineral Interests & Royalty Payments

·         Trust Funds & Escrow Accounts

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Q:  How much unclaimed property is accounted for in the U.S. each year ?

A: Businesses & residents abandon more than a billion dollars of tangible and intangible property annually, making it a sizable source of revenue for states governments.

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Q:  Is there a time limit for claiming my property ?

A: Yes, there is a time limit to file a claim. Depending how the property is labeled statutory periods differ.  

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Q:  Why is it important to keep track of unclaimed property ?

A: Most states require holders to review their business records and make an annual report to unclaimed property holdings, including evidence that they have taken appropriate steps to return the property to its rightful owners. There can be harsh penalties for holders that do not comply with state reporting guidelines.

 

Q:  How does the claim process work ?

A: There is a list of documentation that you must provide when filing your claim. Estates need additional steps including notarization of certain records; incomplete forms WILL result in your claim being denied.

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Q:  Once my claim is approved, how long will it take to receive the money ?

A: All claims will be reviewed and process within 180 days from receipt of a complete claim package. Claims will be evaluated for validity and approved or rejected by the State's Controller. ONCE APPROVED, it can take up to eight (8) weeks to receive payment. 

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Q:  Can my funds be electronically transferred to my bank account  ?

A: No, the State Controller’s Office cannot transfer your unclaimed property funds to your bank account.  

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Q:  Can I submit my Estate claim online by myself ?

A: No, all Estate claims must be submitted by mail or can be dropped off in person to the State Controller's Office.

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Q:  Do I need to submit a separate claim form for each item I want to claim ?

A: No, each item has a specific Property Identification number that is listed under one (1) form.