Are you aware that the California State Controller’s Office (SCO) is currently holding billions of dollars in unclaimed property? As California’s chief fiscal officer, State Controller Malia M. Cohen is responsible for safeguarding these assets and returning them to their rightful owners. Every day, the SCO returns over $1 million to individuals and businesses who file unclaimed property claims. Could some of this money be yours?
The California State Controller’s Office plays a crucial role in managing the state’s finances, and a significant part of this responsibility involves reuniting Californians with their lost or forgotten assets. Currently, the state holds over $14 billion in unclaimed funds, a substantial sum that highlights the importance of checking for your unclaimed property. In the fiscal year 2023/24 alone, the SCO returned over $465.6 million to claimants. This demonstrates the active efforts of the Controller’s Office in returning money to the people of California.
What is California Unclaimed Property?
Unclaimed property refers to financial assets that have been lost or forgotten by their owners. This can include a wide range of items, such as:
- Bank accounts: Checking and savings accounts, dormant accounts.
- Stocks and bonds: Uncashed dividend checks, matured securities.
- Insurance proceeds: Life insurance payouts, unclaimed settlements.
- Wages and payroll checks: Uncashed paychecks, final wages.
- Utility deposits: Refunds from utility companies.
- Safe deposit box contents: Jewelry, collectibles, and other valuables.
These assets are typically turned over to the State Controller’s Office when businesses or financial institutions are unable to locate the rightful owners after a period of time, usually ranging from one to three years. The SCO then acts as a custodian, holding these assets indefinitely until the owners or their heirs come forward to claim them.
How to Search for Your Unclaimed Property with the California State Controller
The California State Controller’s Office provides a free and user-friendly online search tool to help you find out if you have any unclaimed property waiting for you. Searching is simple and takes just a few minutes:
- Visit the official website: Go to the California State Controller’s Office website and navigate to the Unclaimed Property section. You can easily find the search tool linked directly from their homepage.
- Enter your information: You can search by name, business name, or city. It’s recommended to try variations of your name and any previous addresses you may have had in California.
- Review the results: If your search yields any potential matches, carefully review the details to see if the property belongs to you.
- File a claim: If you find property that you believe is yours, follow the instructions on the website to initiate a claim. The SCO provides clear guidance on the documentation needed to verify your ownership and process your claim.
It’s important to be cautious of third-party services that offer to find unclaimed property for a fee. The California State Controller’s Office provides this service for free, and it’s always best to go directly to the official source to avoid any potential scams or unnecessary charges.
The Importance of Unclaimed Property and the State Controller’s Role
The Unclaimed Property program is a vital public service provided by the California State Controller’s Office. It not only returns money to individuals and families, but also benefits the state’s economy by putting these assets back into circulation. Controller Malia M. Cohen emphasizes the importance of this program in her mission to foster equity and economic growth for all Californians.
Beyond Unclaimed Property, the State Controller’s Office offers a wide range of crucial financial services to the state and its residents. These include:
- California’s Checkbook (Open FI$Cal): Providing transparency in state spending by allowing the public to explore how tax dollars are utilized.
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Personnel and Payroll Services: Managing payroll and personnel information for state employees through services like Cal Employee Connect and the California Personnel Office Directory.
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Financial Reporting and Auditing: Overseeing the state’s financial health through comprehensive financial reports and audits, ensuring accountability and proper management of public funds.
Conclusion: Reclaim Your Forgotten Funds Today
The California State Controller’s Office is dedicated to serving the people of California by managing state finances responsibly and transparently. Their Unclaimed Property program is a testament to this commitment, actively working to return billions of dollars to their rightful owners.
Don’t leave money on the table – take a few minutes today to search the California State Controller’s Unclaimed Property database. You might be surprised to discover funds waiting for you. Visit the SCO website now and begin your search. It’s your money – claim it!
