California Unclaimed Property and Funds

What Is Unclaimed Property in California?

Unclaimed Property is money owed to people and companies that gets turned over to California when companies can't find people to pay it back. For example, if you move and you don't tell your utility company your new address, they don't know where to send your refund check. In this case they would turn the money over to California as Unclaimed Property. California would then hold it until you come and claim it. Some states take the money after a certain number of years, while some hold unclaimed funds indefinitely.

Here's the important thing - you could have free money waiting for you!

How Much Unclaimed Property Is California Holding?

Total Unclaimed Funds

Ten Billion Dollars

Los Angeles Times, February 2021

State Population

39,512,223

according to the 2020 census

Average Claim Size

$1,290 to $2,580

per claim, if 1 in 5 to 1 in 10 residents have unclaimed assets

Claims Per Year

Two Hundred And Fifty Eight Million dollars

According this recent article

According to this February 2021 Los Angeles Times article, the State of California is holding over Ten Billion Dollars in unclaimed funds.

Over Thirty Nine Million people live in California, so that means California is holding over $258 per resident! Not every resident has unclaimed funds, so that means the average claim is much higher. Usually 1 in 5 to 1 in 10 people have unclaimed assets waiting for them, which would make California's average claim between $1,290 and $2,580.

How Much Money Does California Give Out Each Year?

In just 2021, California returned an astounding Two Hundred And Fifty Eight Million dollars to people with unclaimed money and property.

What Are Some Common Examples of Unclaimed Property?

Some common examples of unclaimed propert include:.

  • Checking or savings accounts
  • Stocks
  • Uncashed dividends or payroll checks
  • Refunds
  • Utility security deposits
  • Contents of safe deposit boxes
  • Customer overpayments

Many times people forget they have accounts open with companies, or move companies that owe them money can't find their new address. For exampe, electric companies, natural gas companies, phone companies, and others often owe people money when they move, but can't find the person's new address to send them a check. After a certain time period the company must turn that money over the the state, and the state holds it until the owner comes to claim it. Approximately 1 out of every 10 people in the US have unclaimed money waiting for them, they just have to claim it.

How Do I Claim California Unclaimed Property?

You can search for and and claim unclaimed assets on the California's official webste.

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