SACRAMENTO—State Controller Betty T. Yee announced on Tuesday nearly $770 million in cash recently was transferred to the State of California for safekeeping.
“People should check today and see if the State Controller’s Office has their forgotten bank accounts, uncashed checks, insurance policy proceeds, stocks, safe deposit boxes, or more,” said Controller Yee. “A search of the unclaimed property database only takes a couple minutes and this is a great time to do it because more properties transfer from banks, businesses, employers, and life insurance companies each summer.”
There is no time limit or cost for submitting a claim directly to the State Controller’s Office.
The state is protecting 48.1 million properties. During the 2017-18 fiscal year, property owners received about $309 million for nearly 580,000 claims with an average payout of $534.
Starting this month, people can download the unclaimed property database for free and see if people in their area have money or items being safeguarded by the state. To claim electronically, property owners fill out a secure form online (including name, social security number, birthdate, and address). Some more complicated claims such as those with multiple owners, safe deposit box contents, and cashier’s checks may need additional proof of ownership.
Potential owners can search on the Controller’s database at http://www.claimit.ca.gov/ or call (800) 992-4647.
As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Elected in 2014, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.