Unclaimed Money Los Angeles


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.

How Much Unclaimed Money in Los Angeles?

While you might believe that most individuals would remember about property or money that has gone missing, there is a surprising quantity of unclaimed property. While some of the monetary amounts are minor, others are rather substantial. For example, there is at least one million-dollar pension that has not been claimed. This makes it worthwhile to check if you have any unclaimed property.
When we talk about big numbers, we’re talking about huge numbers. How big is it? If the National Association of Unclaimed Property Administrators (NAUPA) numbers are valid, the total value of unclaimed property in the United States is estimated to be over $42 billion. California is home to a large portion of that money. California now has more than $8 billion in unclaimed property that belongs to around 32.5 million people and businesses.

Is There Unclaimed Money In Your Name?

The government may have as much as $58 billion in unclaimed money. Find out if some of it may belong to you or someone you know!