What is it? Credit balances, wages due, unredeemed gift certificates, traveler’s checks, stocks, safe deposit boxes, insurance policies, probate property and others.
Why does the state have it? The state assumes control of these assets when whoever owes the money loses track of the owner. When they assume control, they attempt to contact the owner at his or her last known address, check social security numbers and attempt a Franchise Tax Board match. They also publicize this information in local newspapers once or twice a year.
Where can I find out if I am owed money? Visit www.sco.ca.gov. If you find properties owed to you, print the claim form and mail it with requested documentation to the address provided.
If this is public information, why is a company telling me I need them to claim this property? There are companies who search public records for unclaimed properties, contact consumers associated with the properties and offer to assist in the claiming process for a fee. Before embarking on a business venture with a company, know this:
· For property/funds in California, locators cannot charge you more than 10% of the value of the property. The only exception to this is for California Counties Probated Estates where there is no limit on fees.
· If you receive notification that you might have unclaimed funds and for a small fee the company will help you locate them, use caution. You can expect to receive a list of agencies able to provide information about unclaimed funds. If anything is found, a higher fee will be required for the company to help claim these, sometimes up to 50 percent of the unclaimed property.
· Any contract signed with this type of company must disclose to you the type, location and amount of unclaimed funds owed to you.
Do-It-Yourself – The most common property is held by the State. In California, visit www.sco.ca.gov or call the State Controller’s office: 1(800) 992-4647. To view unclaimed property in other states, visit: http://www.unclaimed.org.