| The state of California's unclaimed funds program | | | | other celebrities' are some of the names in the |
| takes in roughly $300 million annually. What's it to | | | | California missing money list and yet they haven't |
| you? Well, if you or someone you know is or was | | | | heard from the officials in the California Unclaimed |
| a former resident of the Golden State (or had | | | | Funds Division. They are all owed checks for |
| any kind of business dealings, whether you knew | | | | unclaimed money by California amounting from |
| it or not), some of that big pile of California | | | | hundreds to the thousands in Ms. Jolie's case. This |
| missing money could very well be yours! | | | | just showed California state officials' interest in |
| Under the state of California unclaimed property | | | | keeping this cash in the general fund for them to |
| (or escheat) law, abandoned assets such as | | | | balance the budget deficits for as long as they |
| forgotten bank and checking accounts, cash and | | | | can. In fact, there was a recent ruling by a |
| stock dividends, mineral deposits, uncashed checks | | | | federal judge on CA abandoned money, saying |
| and money orders, state of California unclaimed | | | | that the state wasn't doing enough to return it to |
| tax refunds, salary checks, gift certificates, and | | | | its rightful owners and for a while halted the |
| other financial assets are handed over to the | | | | state's s ability to seize it until a proper method of |
| Treasury Department if their owners don't come | | | | reuniting it with the rightful owners was adopted. |
| for them within a given period. This 'dormancy | | | | The total dollar amount for these funds in |
| period' varies from state to state, but in California | | | | California averages $5 billion annually- imagine how |
| it is 3 years. These lost assets then go to the | | | | much interest that generates for the state! |
| California unclaimed property division where they | | | | Sacramento Attorney Bill Palmer, who has |
| stay in the state's general fund until returned to | | | | represented numerous cases involving California |
| their rightful owners. This is where state officials | | | | unclaimed money, said the state's program was |
| in-charge of the California unclaimed cash were | | | | supposed to be a lost and found of sorts for |
| criticized recently. Seems that they were eager | | | | Californians. Instead, it was turned into a profit |
| to locate and collect the lost funds from the | | | | generating 'business' in the past few years. |
| various establishments holding them but showed | | | | The ban on the seizure of property by California |
| less interest in contacting the owners in the | | | | has since been lifted and the new California State |
| California unclaimed money list. | | | | Controller, John Chiang, is making extra efforts in |
| One of the main reasons for the inability of | | | | the form of sweeping reforms- improving how his |
| government to return forgotten cash to its | | | | office is handling California unclaimed money. |
| owners is that they can't be located. Problem is, | | | | There is still a dire need though for residents of |
| who would think people like ZsaZsa Gabor, | | | | California and the other 49 states across the U.S. |
| Angelina Jolie, Victoria Beckham, Gerri Halliwell, | | | | to be informed about the presence of these |
| Bradd Pitt, Keanu Reeves, Jennifer Lopez, Adam | | | | monies and on how to do a thorough search for |
| Sandler and Marlon Brando would be difficult to | | | | them. |
| find? Their names and the names of several | | | | |