SACRAMENTO—If you haven’t already made one, State Controller Betty T. Yee has a resolution to suggest: Make it a point to check the Unclaimed Property database once a year. You may have forgotten funds waiting for you, and the claims process is easier than ever with the new “Shopping Cart” feature!
California’s Unclaimed Property Program is a consumer protection program in existence since 1959. Designed to keep businesses and other entities from keeping properties belonging to a customer with whom they have lost contact, the program administered by the State Controller’s Office (SCO) has evolved with technology. In 2014, SCO added the “eClaim” feature, allowing owners of many lower-value properties to claim their property online.
Now SCO has made the claims process even easier, with the addition of the Shopping Cart feature. Previously, an owner had to file a separate claim for each individual property found. Now, property owners can search the Unclaimed Property database, add all of their found properties to their cart, and submit as a single claim.
SCO values the security of each individual property and works diligently to reunite properties with their rightful owners. Upon submitting a claim, the website will advise claimants if any of the properties in their cart require additional proof of identity or ownership.
California Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to SCO when there has been no activity for a set period of time – generally three years. Common types of unclaimed property include bank accounts, stocks, bonds, uncashed checks, insurance benefits, and safe deposit box contents.
Controller Yee safeguards lost or forgotten property as long as it takes to reunite it with the rightful owners. There is no deadline for claiming property transferred to SCO for safekeeping, with the rare exception of estate properties that have been adjudicated by a probate court.
Kick off the New Year by visiting claimit.ca.gov and see if Controller Yee is safeguarding property that belongs to you!
As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Elected in 2014 and reelected in 2018, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.
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