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California Holding $6 Billion of Unclaimed Property

All those forgotten bank accounts and mislaid safety deposit boxes make for one huge lost-and-found collection. Could any of that $6 billion belong to you?

Are you missing any diamonds? How about those bars of solid gold you might have forgotten about? Did you perhaps leave a lump sum of cash in an old bank account?

If you did, then you're one of the absent-minded Californians contributing to more than $6 billion of unclaimed items in the state's lost-and-found collection.

State Controller John Chiang is on a mission to find the owners of this treasure trove — all 17.6 million of them. 

Some of the more unusual items in the kitty include a sack of loose diamonds with an estimated worth of $500,000, almost 20 pounds of gold bars worth $375,000, and — less valuable but perhaps no less precious to the long-lost owners out there — a can of sardines, a can of condensed milk and plenty of family photos.

Much of the unclaimed property comes from safety deposit boxes and lost or forgotten financial accounts, which includes:

  • cash in inactive bank accounts
  • overpayments to businesses.
  • terminated insurance policies, stocks, securities and utility deposits

"In many cases, businesses have lost contact with the customer and sent the account to the state for safekeeping," said Chiang in a video message about the state's unclaimed property.

Petaluma businesses and individuals have contributed a share of the unclaimed goods being held by the state. The unclaimed cash comes from a variety of sources, including group policy benefits from employers and outstanding checks or overpayments to agencies.

So, how do you find out if you're owed treasure? The state controller's office provides an online searchable database for unclaimed property in California. Type in your name, or your business name, and see what you've been missing.

What do you think the state should do with its $6 billion of unclaimed cash and goods? Share your ideas in the comments below.

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Rocky August 27, 2012 at 04:23 AM
I think the government should urge the public to claim any unclaimed property. And if it's still not claimed, then use it to pay off the national debt.

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