It is a little known fact that Californians go each year without claiming millions of dollars in property they own. A law that has been in the books since 1959 has required banks, corporations, and other entities to report and transfer property to the State Controller’s Office when it hasn’t been claimed for a certain period of time, usually three years. That law has been updated and so has the claims submission process, allowing Californians to visit claimit.ca.gov to search their name and submit claims electronically to see if they have unclaimed property. Common types of unclaimed property include “bank accounts, stocks, bonds, uncashed checks, wages, life insurance benefits, and safe deposit box contents,” according to the Controller’s office. This is good government at its best, making it easy for residents to reclaim what’s rightfully theirs. And it’s working. As of 2017, this effort has helped reconnect residents with $100 million of their assets.
Are you missing out on unclaimed property? Find out at claimit.ca.gov
Photo credit: California State Controller’s Office