Unclaimed Money Los Angeles

Before you get too enthusiastic, let’s clarify what unclaimed money is. Unclaimed funds aren’t just any funds that haven’t been claimed yet. Unclaimed cash and unclaimed property, on the other hand, refer to money or property that has yet to be claimed by its rightful owner. In most cases, this property is held by a financial institution, business, or other entity that has been unable to contact the rightful owner for at least a year.

Unclaimed property is defined by law in California. California’s Unclaimed Property Law requires “holders,” such as corporations, businesses, associations, insurance companies, and financial institutions, to report and deliver the property to the California State Controller’s Office after there has been no activity on the account or contact with the owner for a specific period, which varies depending on the type of account or property, but is usually three years or more.