CALIFORNIA STATE – An old utility deposit. A paycheck you never cashed. Money from a relative’s insurance policy that nobody knew to claim.
California’s unclaimed-money system reaches into some surprisingly ordinary parts of life. And checking only for a forgotten bank account could mean overlooking something else.
In a September column, State Controller Malia M. Cohen said California was safeguarding approximately $15.5 billion in unclaimed property. Here are seven sources worth checking.
1. A utility deposit from an old address
Think back to the deposits you paid when setting up service at previous homes.
The State Controller’s Office specifically lists utility account deposits among the assets that can become unclaimed property. Moving without leaving a forwarding address is one reason businesses lose contact with people who are owed money.
Start with California’s official unclaimed-property search. Utility deposits already transferred to the state can turn up there alongside other forgotten assets.
2. A paycheck from a former employer
Money from a job you left years ago could still be waiting for you.
California includes wages among the property businesses must report when it goes unclaimed. Payroll, wages and commissions have a one-year dormancy period, according to the State Controller’s reporting FAQ. Most other property has a three-year period.
That does not mean every missing paycheck appears in the database exactly one year later — employers also follow a reporting and transfer schedule. But an old employer’s name on a search result is worth investigating.
3. An insurance policy in the family
An insurance policy can leave behind money that its owner or beneficiaries never collected.
California’s unclaimed-property program includes matured or terminated insurance policies. The Controller’s Office also notes that owners sometimes die without their heirs knowing about their assets.
Consider searching the names of deceased relatives as well as your own. Finding a record is only the beginning: Someone claiming as an heir must provide documentation establishing their entitlement to the property.
4. Forgotten investments and dividend payments
An investment does not have to be sitting in your current brokerage account to be worth tracking down.
Stocks, mutual funds, bonds and dividends can become unclaimed property. There is an important detail if you find securities: The state may still hold them, or they may have been sold.
According to the Controller’s explanation of securities claims, owners or heirs are entitled to applicable corporate benefits while the stock is held. If it has been sold, the claim is for the net sale proceeds and qualifying amounts realized before the sale.
Do not assume an old stock listing means you will receive its current market value.
5. A safe deposit box your family forgot about
California’s program covers more than account balances. It also handles unclaimed safe deposit box contents.
That makes a long-forgotten box another reason to search a relative’s name.
What you receive depends on what happened to the contents. The Controller’s Office says remaining contents can be returned to an approved claimant. If the contents have been sold, the claim is paid as cash instead.
6. Your county’s unclaimed-money list
The statewide search should not be your only stop.
County treasurers maintain separate unclaimed-money programs. For example, Riverside County’s unclaimed-money page identifies duplicate property-tax payments and estates with unknown heirs as common sources.
Check the official treasurer, tax collector or auditor-controller website for counties where you have lived, owned property or done business.
Pay attention to the instructions attached to each listing. Riverside warns that certain funds become county property if a valid claim is not filed by the specified deadline. The state’s no-deadline policy should not be assumed to apply to county-held money.
7. A courthouse’s uncashed-check records
Even a courthouse can have money waiting for its owner.
Napa County Superior Court’s unclaimed-funds information describes funds held in civil matters and uncashed court-issued checks, including payments to jurors, vendors and employees.
If you had dealings with a court, check its official website for “unclaimed funds” or “escheatment.” Follow that court’s claim instructions and published deadline.
A forgotten jury-service check may not sound like a windfall. It is still money worth checking for.
How to start looking
Begin at ClaimIt.ca.gov, California’s official search site. Try your current and former names, and consider searches for a business you own or a deceased relative.
Review potential matches carefully and follow the documentation requirements. A matching name alone does not establish that the money belongs to you.
The State Controller’s Office says there is no fee to claim property directly from the state and no deadline once it has been transferred to the office. County and court funds can follow different rules, so check those separately.
But in general, if a company comes to you saying you need to pay to get your property back, it’s often a scam.
With a proper search, you may find nothing. But that old deposit, missing check or forgotten family asset will not necessarily find its way back to you without a search.
