SACRAMENTO, Calif. — The holiday shopping season is here, and you might have some extra money that you’re owed that you don’t even know about.
The California State Controller’s office keeps a database of Unclaimed Property and officials are saying the state has more than $8 billion it’s trying to return to rightful owners.
State Sen. Bill Dodd highlighted it in his newsletter this week that all Californians have to do is search for their name in this database.
Where is this money coming from?
The State Controller’s Office website says unclaimed property is “any financial asset left inactive by its owner for a period of time, typically three years.”
“Folks may have some uncashed wages, they may have utility deposits that they never received back,” said Monique Langer, spokesperson with the Controller’s Office.
The most common types of unclaimed property include:
- The contents of bank accounts and safe deposit boxes
- Stocks, mutual funds, bonds and dividends
- Uncashed cashier’s checks and money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Estates
- Mineral interests and royalty payments
- Trust funds and escrow accounts
- Utility account deposits
People who have lived or done business outside of California can broaden their search; every state has an unclaimed property database! You can find them all on one website, MissingMoney.com, which partners with states, plus some U.S. territories and Canadian provinces. Go to ‘search,’ select ‘search all states’ and type in your name.
You can also search by company name, if you or someone you know owns or owned a business.
People can also search the names of family members who have died, since heirs are eligible to claim a deceased family member’s unclaimed property.
Someone can also search by their current and/or previous address(es).
Some Californians are receiving letters about having unclaimed cash. While some may think it's a scam, it isn't. The State Controller's Office says these messages are likely coming from what the state called a third-party "investigator" who offers to help you get said unclaimed cash for a fee.
Investigators are legally allowed to charge you up to 10% of the money you're owed, but you can claim the cash yourself without being feed online.
The state says you’ll need certain documentation, including a photo ID and Social Security card or a tax ID number.
“If you do need some additional paperwork, they will ask you for that,” said Langer. “They will provide you a timeline at that point. Typical claims can be between eight and 12 weeks.”
Langer says about 1 in 7 people across the county may have some money ready to claim and that the average in 2022 was about $433 per person.
“We highly encourage folks to check in at least once a year because properties are being returned annually,” she said.
