The State of California has an unclaimed property law which requires banks, insurance companies, corporations, and certain other entities (known as “Holders”) to annually report and submit their customers’ property (excluding real estate) to the State Controller’s Office when there has been no activity for over three years.
All Holders of unclaimed property are required by law to make attempts to contact owners before reporting their property to the State Controller’s Office.
The Unclaimed Property Law was passed to protect consumers. It prevents businesses with unclaimed property from keeping your money and using it as business income.
The law provides citizens a single source, the State Controller’s Office, to check for unclaimed property that may be reported by businesses from around the nation and enables the State to return property, or the net proceeds from any legally required sale of the property (from safety deposit boxes or stocks), to its rightful owner or their heirs.
If we find you have unclaimed property in California, we prepare two forms for you to sign. If the amount of your unclaimed property is over $1,000, one of the forms will have to be notarized. Some claims can be processed online too.
After the forms are signed, we send them to the state for processing. Some claims can be processed online too. When the state receives the forms and all information has been verified, you will receive a government check in a few months. Some claims can be processed online.
If you believe you may have unclaimed property in another state, we can certainly find out the requirements for you and let you know what you need to do. The guidelines for claiming property in other states may be a little different than California, but we will certainly help if we can.