What does “Unclaimed Property” mean?

unclaimed propertyHave you heard the phase Unclaimed Property and wondered what it means. The State requires corporations, business associations, financial institutions and insurance companies to annually turn over property to the State Controller’s Office that has been inactive or without customer contact for a period of three years. Often the owners forgot about the account, have moved or, in some case, pass away and the beneficiaries were not aware of the property.

If you believe you have unclaimed funds the State of California may be holding, it’s easy to find out; just click here and fill in the requested information. Follow the direction to claim your property.

One way to avoid this from happening to your account is adding direct deposit. For those less frequently used accounts consider having a small amount direct deposited into your main account once or twice a year. All it takes is one deposit a year to keep any account open and active. This will insure those accounts are kept open and drawing interest. Another helpful hint is to make a list of all your accounts and reconcile them on a regular basis.

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About the Author

Stephen Harvey Originally from South Carolina, I am now happy to call L.A. home. I'm a technology hound that enjoys all things digital. Helping others with social media makes me happy. When I'm not plugging in, I enjoy home brewing and BMW's. Feel free to contact me if you have any questions regarding social media or the Internet.