Some of these uncashed checks, bank accounts, and credit balances could belong to your city. The state’s unclaimed property law was created almost 60 years ago to protect consumers. Banks, insurance companies, and other businesses are required to hand over certain types of lost properties after a period of no activity, generally three years.
The State Controller safeguards this forgotten property and works to reunite it with the rightful owners. Approximately 44 million properties range from cash to heirlooms to stocks and insurance benefits. Thousands of these properties belong to California city governments.
Anyone can check for property by visiting claimit.ca.gov
(click business/government search) or calling (800) 992-4647. There is no expiration date to submit a claim and, for less complex claims, funds could be received within a few weeks.