According to the National Association of Unclaimed Property Administrators, states collectively hold $33 billion in unclaimed property – and California Unclaimed Property accounts for $6.1 billion. Forgotten bank accounts, uncashed checks or dividends, overlooked security deposits or utility refunds, old stocks or mutual funds, unclaimed insurance payouts – the list goes on. The bottom line is, consumers need to keep a watchful eye on their assets – and those who haven’t, should find out what they may be missing.
Last week, the Sacramento Bee published an article titled “Personal Finance: California has $6.1 Billion in Unclaimed Property”, that outlines the types of accounts that may be abandoned and what consumers can do to make a claim. Sonia Walwyn, Vice President of Unclaimed Property Services at Keane Unclaimed Property, added her expertise in California Unclaimed Property to the article by noting that consumers are looking for money anywhere they can because of the down economy. She goes on to say, however, that while some people are on the hunt for funds, others become discouraged and do not believe claiming their money is worth it because of its insignificance—some claims can be as low as $50.
In the past few years, states, including California, have issued millions of letters to the rightful owners of unclaimed property, some of which dates back to the 1980s. The letters have resulted in significantly more property being returned to owners and less turned over to the state.
If you believe you have unclaimed property, don’t forget to check your state’s treasury website and run a search simply by typing in your name.
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