California has more than $10.2 billion in unclaimed property, and the state wants to reunite that money with its owners.
By law, property holders — including banks, insurance companies and businesses — are required to transfer property to the state controller’s office if a customer’s account has been dormant for a certain amount of time, usually three years.
“We watch over all sorts of properties you might not know exist, from a rebate that was returned to sender after a move, to bonds your grandmother bought in your name. It is so worthwhile to take a few minutes to search and discover whether you have funds coming your way,” Controller Betty T. Yee said this week in a statement.
A new holiday, National Unclaimed Property Day, reminds Californians that there may be funds that belong to them, waiting to be pocketed.
Read the full story on LATimes.com.