Currently the state of California is holding over $9 billion in unclaimed money and unclaimed property. According to a report, the treasury added over $770 million to their missing money coffers. Last year the treasurer reported over 580,000 claims filed averaging over $500 per claim. The total amount of unclaimed money returned $309 million. :
“A search of the unclaimed property database only takes a couple minutes and this is a great time to do it because more properties transfer from banks, businesses, employers, and life insurance companies each summer,” Controller Betty Yee said in a statement.
Under California’s Unclaimed Property Law, banks, insurance companies, corporations and other entities are required to submit customers’ property to the state controller’s office when no activity is reported over a certain period of time, usually three years. The property is held by the state until a rightful claim is filed.
California has periodic auctions to distribute tangible property such as items found in a safe deposit box. California’s State Controllers office provides unique service that sends out notices warning individuals when funds are about to become unclaimed, and when properties have been sent to the state. The names of unclaimed property owners appear periodically in state newspapers. California has no time limit for an owner or heirs to claim their property. A Locator Unit division aggressively seeks to identify owners of unclaimed property. Their web site offers a searchable database, which is updated frequently.
Unclaimed Money Totals in Long Island Over $600 Million
According to a recent report, in both Nassau and Suffolk counties there are over 1 million unclaimed money accounts totaling over $615 million:
The State of New York is safeguarding nearly $5.1 billionin unclaimed cash belonging to more than 8 million New Yorkers as of September 2018, and State Controller Thomas P. DiNapoli is urging owners to take steps to retrieve it.
The loot includes forgotten bank accounts, uncashed checks, insurance policy proceeds, stocks and safe deposit box contents. About $348 million unclaimed funds were returned in New York in 2018 so far, the comptroller reports.