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California is sitting on $10.2 billion in unclaimed property. Is some of it yours? Jennifer Lu © (Tim Lahan) (Tim Lahan)
California has more than $10.2 billion in unclaimed property, and the state wants to reunite that money with its owners.
By law, property holders including banks, insurance companies and businesses are required to transfer property to the state controller’s office if a customer s account has been dormant for a certain amount of time, usually three years.
“We watch over all sorts of properties you might not know exist, from a rebate that was returned to sender after a move, to bonds your grandmother bought in your name. It is so worthwhile to take a few minutes to search and discover whether you have funds coming your way,” Controller Betty T. Yee said this week in a statement.