California is holding over $15 billion in unclaimed property, and state leaders are using February, designated Unclaimed Property Month, to encourage residents to check if any of it belongs to them. Lawmakers hope publicity will drive people to the state’s searchable database to claim forgotten money.
The unclaimed assets include old bank accounts, uncashed paychecks, stocks, bonds, and safe-deposit box contents. Officials say nearly all of California’s 39 million residents could have some of this money, which, while often small individually, totals a massive sum.
State Marks February as Unclaimed Property Month
State Controller Malia M. Cohen and Assemblymember Avelino Valencia announced that the Legislature adopted Assembly House Resolution 79, officially declaring February Unclaimed Property Month. In a press release from the State Controller’s Office, the program is described as a consumer-protection effort that has been running since 1959 and is designed to return property to its rightful owners.
The Controller’s Office says it currently safeguards more than $15 billion in unclaimed assets and is urging Californians to take a few minutes to search the state’s database. The message is simple: before you assume it is all pocket change, check anyway.
What Counts as Unclaimed Property
Common examples of unclaimed property include forgotten bank accounts, uncashed checks, stocks and bonds, insurance payouts and the contents of safe-deposit boxes, according to Assemblymember Avelino Valencia. Valencia framed the resolution as a straightforward way to reconnect families with money they may not even realize is missing, saying, “a quick search could put money back in your wallet.”…