All You Need to Know About Found Money in California
Found money has grown to huge amounts in the State of California and you may be owed some of this money, even if you have never lived in the state. California has been trying to get this money back to people but you may not have even heard of unclaimed money. So how do you find out if you are owed some of this found money? Read on to find out…
What is Found Money?
Found money is the same thing as unclaimed or missing money. This is money that has been left behind by its owner, or forgotten about, with no luck in finding them. This found money all state treasuries are holding on to come in the form of forgotten bank accounts, unclaimed utility and apartment deposits, left behind safety deposit boxes, and un-cashed checks. Currently, the collective amount of found money from all states exceeds $40 billion dollars, with the most being held in California, New York, and Texas.
How Does Lost Money become Found Money?
The state of California is trying hard to improve awareness among its general public regarding found money by adopting several measures. California State Controller’s Office is makings procedure relatively easy for people through its website and informative fairs. As per the latest provision of California Unclaimed Law, mentioned in the newsletter ‘all the financial institutions have to provide notice to the new customers regarding escheatment of funds in inactive accounts’.
As per the reports of the California’s State Controller, found money worth millions of dollars are still waiting for its rightful owners. California unclaimed money and property is increasing at a tremendous rate, leading to high volumes to unclaimed tax refunds lying useless with the state treasury. With the newly passed Unclaimed Property Law in California all the associations, businesses and financial institutions have to report annually about the inactive accounts to the California State Controller’s Office. The accounts have to be inactive for about three years as per the law for the control of the found money to be passed on to the state.
How Do I Get Found Money?
People can find this collection of found money, or information about unclaimed funds by conducting an unclaimed money search, where they can easily locate unclaimed property or found money that is currently under the control of the state for its safekeeping.
How Difficult is a Found Money Search?
The easiest way to get found money is to conduct an online search by entering your full name. This simple search can be done for all of the people in your family. Won’t it be great to call your sister and tell her she is owed $1000 dollars!
California is not the only state experiencing high amounts in found money. Most states are also experiencing the same, increasing problem, and have taken large initiatives to increase awareness about found money, along with decrease the amounts lying in the state treasuries.