California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customer’s property to the State Controller’s Office when there has been no activity for a period of time (generally 3 years). Common types of unclaimed property are uncashed checks, bank accounts, wages, insurance benefits, stocks, bonds and safe deposit box contents. Property doesn’t include Real Estate. The State Controller’s Office will hold this property for as long as it takes to reunite it with the rightful owners. There is no deadline for claiming it once it is transferred to the State Controller’s Office.
This means if a company owes you a $300 refund, an example of an uncashed check, and you didn’t claim it after a certain time then by law they have to transfer that money to the State Controller’s Office.
To see if you have an unclaimed property visit the the State Controller’s Office at www.sco.ca.gov. Click on Unclaimed Property and then on Search for Unclaimed Property. Type your last name, first name and city. Then click on search. The search results will provided all the matches.
If you find an unclaimed property that belongs to you simply click on the property then click on “Claim This Property.” Fill out the required information to see if you can claim it electronically or if you have to claim it by paper. Once you provide all the necessary information, the State Controller’s Office will usually mail you a check for the amount owed to you.
Safe deposit box contents are required by California Unclaimed Property Law to be sold and payment is made as a regular cash claim. If the contents of the safe deposit box cannot be sold and must be returned to the owner, the State Controller’s Office will hold on to them. An investigator will handle these cases and charge a fee to the owner for returning the property.
If you need further information you can contact the State Controller’s Office Call Center between 8am and 5pm Pacific Standard Time. Monday through Friday, excluding state holidays, at (800) 992-4647 (Nationwide) or (916) 323-2827 (Outside of US), or you may contact them by email.
