Currently there are more than 48 million items worth $9.3 billion of unclaimed property in California’s custody. The California Controller, Betty Yee, is encouraging people to search the state’s online database to see if any of the property belongs to them.
The unclaimed funds are a result of California Law protecting consumers by requiring banks, insurance companies and other businesses to transfer unclaimed property to the State Controller’s Office after a period of no activity, which is around three years. The state then becomes the guardian of abandoned savings and checking accounts, insurance benefits, uncashed checks, wages, stocks, bonds, safe deposit box contents and various gift cards.
To see if you have any unclaimed property, you can go to www.claimit.ca.gov. People who find property on the website can submit claims at the site, or by calling 1-800-992-4647. Anyone is able to search the entire unclaimed property database, and see all individuals and organizations who have items protected by the state.