How to Claim Unclaimed Money in California

California's unclaimed property law

Under California’s Unclaimed Property Law, which is detailed in the California Code of Civil Procedure, specifically Subchapter 8 (Unclaimed Property Law), and more precisely in Article 2, which discusses the Escheat of Unclaimed Personal Property, financial institutions, insurance companies, corporations, businesses, and various other entities are legally mandated to report unclaimed property to the State Controller’s Office (SCO). This process is commonly known as escheatment, where the property passes into the management of the state when no claimant has come forward for an extended period.

The law requires that these holders of unclaimed property make a diligent effort to notify the rightful owners before transferring the assets to the state. Despite these efforts, many assets remain unclaimed and are hence surrendered to the SCO.

Searching for unclaimed money

One of the easiest ways to find unclaimed assets is to use MoneyBot5000. This is a tool designed to try and identify any unclaimed funds or properties you may have forgotten or not even realized were owed to you.

Just navigate to the website, enter your name and address, and the tool will try to find any properties that might be associated with you. For a more precise search, providing an address is recommended, especially if you have a common name or you’ve used multiple addresses over the years.

In addition to MoneyBot5000, in California, discovering whether you have unclaimed money waiting for you is a straightforward process, thanks to the State Controller’s Office’s comprehensive database of unclaimed assets.

Step-by-step guide to claiming unclaimed property in California

Determine eligibility

In general, you’re eligible if you are the original owner of the property or a lawful heir of the owner. Proof of ownership and identity will be required, so gathering documentation is key. This might include identification (such as a driver’s license or passport) and documentation related to the unclaimed property (like bank statements, certificates of deposit, and so forth).

The process to claim unclaimed property in California varies depending on the claimant’s status:

Property owners: Must verify their identity and provide documentation proving ownership.

Businesses: Need to demonstrate authority to claim on behalf of the company, typically with business documents and personal identification of the claimant.

Government agencies: Should provide agency documentation and authority to claim.

Heirs: Are required to establish their legal right or relation to deceased owners, often needing death certificates and legal documents proving inheritance.

Representatives: Must show legal authority to act on behalf of another, like power of attorney or executor status.

Each group may need specific forms and additional documentation, reflecting their relationship to the unclaimed property. For more detailed guidelines, visit the California State Controller’s website.

After filing your claim

Once you have successfully filed your claim for unclaimed property in California, the process moves into the review and verification phase.

The review timeline

The review process varies depending on the complexity of your claim. Typically, after submitting your claim, the State Controller’s Office may take up to 3-4 weeks to process it. Simpler claims can sometimes be processed more quickly, while more complex cases, such as those involving estates or multiple parties, may take longer. Generally speaking most claims are resolved within 180 days.

During this review period, the State Controller’s Office will verify the details of your claim and ensure that all the necessary documentation has been provided. They will also check that no other claims are competing for the same property.

If additional information or documentation is needed, the State Controller’s Office will reach out to you. Promptly responding to any requests for further information can help expedite the review process.

Follow-up procedures

If the State Controller’s Office requests additional information, they will provide specific instructions on how to submit the required documents. You can submit the requested information online or by mail, depending on the communication you receive.

Remember that it’s essential to keep your contact information up-to-date with the Unclaimed Property Division so that you can be reached if needed. If you move or change your contact details after filing a claim, make sure to notify the State Controller’s Office.