This week’s question comes from Jasmine from Oakland, CA, who asks:
My neighbor received a significant sum of money that was considered unclaimed property. What is unclaimed property or funds? Is this legitimate, and how do I get any unclaimed property?
Dear Jasmine,
Yes. It is legitimate! Each year, millions of dollars are turned over to the State Controller’s Office when businesses cannot contact property owners about their unclaimed funds. According to the state, these are the most common types of unclaimed property:
- 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
One thing to note is that California’s unclaimed property program does not deal with real estate.
California’s Unclaimed Property Law requires businesses such as financial institutions, insurance companies, corporations, and other entities to report and submit their customers’ property to the State Controller’s Office when there has been no contact with the customer for typically three years. Communication can end due to various reasons, such as the customer moving and forgetting to leave a forwarding address for a company to send what they are owed, or it could be due to the death of a property owner.
California law requires all holders of unclaimed property to attempt to contact owners by sending a letter to the owner’s last known address informing them that the property will be transferred to the State Controller’s Office for safekeeping if the owner does not contact them to retrieve it. The State Controller’s Office also sends letters to all property owners notifying them that the holder will transfer their property to the state. They send notices before transferring the property, allowing owners to retrieve property directly from the holder. Should this happen to you, contact the holder directly for more information on how to retrieve your unclaimed funds.
The State Controller’s Office, Controller Malia M. Cohen, safeguards this lost or forgotten property for as long as it takes to reunite it with the rightful owner(s). There is no deadline for claiming property once it is transferred over to the State Controller’s Office and no fee associated with claiming your property.
Since the letter is sent to the owner’s last known address, there is a chance that you have unclaimed property but did not receive notification. In that case, you can search the state’s database. The process is relatively simple as owners can search and claim their property for free through the state’s website at: https://ucpi.sco.ca.gov/en/Property/SearchIndex. You will start by entering:
- your name or
- property ID number (if you know it)
You also have the option to narrow your search by inputting your address or city.
The database will generate a list of unclaimed properties if there are matching results to your search. Each property will be marked with a P, I, or N. For those with a:
- P – property is eligible to be claimed.
- You can claim electronically after entering the requested identifying information or by mail.
- I or N – your property is not available to be claimed yet.
- Click on details to learn more.
You can also claim property that belongs to a deceased family member if you are an heir, trustee, or personal representative. In this case, you must provide the proper documentation showing proof of ownership.
The state of California recommends that anyone who has lived, done business or is an heir to an individual who has lived or done business in California search for any potential unclaimed property at least once a year, whether or not you have received a letter about it.
