California might be holding your money as unclaimed property. How to get it back in 2024

Cortlynn Stark, The Sum
·4 min read

If you’re trying to get a head start on a New Year’s resolution to save more or pay off your credit card, California might be able to help.

The state might have your money.

That’s because the state controller’s office holds onto billions of dollars in unclaimed property.

What is unclaimed property and how does the system work?

What is unclaimed property?

Unclaimed property is a type of financial asset that’s inactive for usually three years. It can be anything from bank accounts to estates. It doesn’t include real estate in California. The state controller’s office said earlier this year that it had $11 billion in unclaimed property.

These are the most common types of unclaimed property, according to the state controller’s office:

  • Bank accounts and safe deposit box contents

  • 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

Holders — such as banks, insurance companies, corporations, businesses and associations — must report and deliver property to the state controller’s office annually if there hasn’t been activity on the account.

Those holders also must try to contact the owners before they report it to the office by sending a notice to their last known address.

The office also notifies unclaimed property owners of all property that will be transferred to the state.

How can you search for yours?

There’s no time limit to claim your property, according to the state controller’s office.

You can search for unclaimed property through the state’s database. You’ll start by entering your name or property ID number, and you can narrow your search by adding your address or city.

A list of options will pop up next. Each property will be marked with a P, an I or a N. For those with a P, you can claim electronically after entering the requested information or by mail. An I or N means your claim isn’t available yet, so you should click on details to learn more.

If you think your property was sent to the controller’s office but it’s not listed, you can contact the unclaimed property division at 800-992-4647.

In February, State Controller Malia Cohen announced California was joining MissingMoney.com to help people find their unclaimed property.

How do you claim the property/payment?

There is not a fee for filing a claim. However, if you use an investigator — also called asset locators or heir finders — they could charge you no more than 10% of the property’s value.

If the owner has died, you can file a claim if you are an heir, trustee or personal representative.

If your name has changed, you’ll have to provide documents such as a marriage certificate or court documents.

When you claim the property, it’s returned by check. You cannot get it through direct deposit.

Claims are processed within about 180 days, according to the controller’s office. If the claim involves securities — which are financial instruments such as stocks, according to Investopedia — it may take 120 days to a year.

Could the government intercept your claim?

It’s possible.

State law allows the Franchise Tax Board to intercept payments from the state lottery, tax refunds and unclaimed property if you owe money to state, city or county agencies.

You should call the agency on the intercept notice you’ll receive in the mail if you have questions or disagree.

What about taxes?

Taxes aren’t withheld from unclaimed property payments. You should talk to a tax adviser for specific advice.

What is The Sum?

The Sum is your friendly guide to personal finance and economic news.

We’re a team of McClatchy journalists cutting through the financial jargon so you know how these issues impact your life. We verify information from diverse sources and keep the facts front-and-center, making finance and economic news add up for you.

Ready to take the first step to getting your finances under control? You can sign up for our five-week budgeting newsletter at thesum.news.