California State Controller receives $770 million in unclaimed property

Posted at 7:25 AM, Oct 12, 2018

The California State Controller said on Tuesday that it received an additional $770 million in unclaimed property.

The state holds onto bank accounts, checks, insurance policy money, and safe deposit boxes that, for one reason or another, people have forgotten about.

Californians can search using this link on the State Controller’s website to search if any of the unclaimed property is theirs. They can then follow instructions on how to verify that the property is theirs and then receive it. Claims can be made at any time for free.

California law requires banks, insurance companies, and corporations to submit property to the state if no activity is reported after a certain amount of time.

The Controller’s Office said that approximately 580,000 claims were filed in the 2017-2018 fiscal year totalling $308 million.