California is holding over $15 billion in unclaimed property, and state leaders are using February, designated Unclaimed Property Month, to encourage residents to check if any of it belongs to them. Lawmakers hope publicity will drive people to the state’s searchable database to claim forgotten money.
The unclaimed assets include old bank accounts, uncashed paychecks, stocks, bonds, and safe-deposit box contents. Officials say nearly all of California’s 39 million residents could have some of this money, which, while often small individually, totals a massive sum.
State Marks February as Unclaimed Property Month
State Controller Malia M. Cohen and Assemblymember Avelino Valencia announced that the Legislature adopted Assembly House Resolution 79, officially declaring February Unclaimed Property Month. In a press release from the State Controller’s Office, the program is described as a consumer-protection effort that has been running since 1959 and is designed to return property to its rightful owners.
The Controller’s Office says it currently safeguards more than $15 billion in unclaimed assets and is urging Californians to take a few minutes to search the state’s database. The message is simple: before you assume it is all pocket change, check anyway.
What Counts as Unclaimed Property
Common examples of unclaimed property include forgotten bank accounts, uncashed checks, stocks and bonds, insurance payouts and the contents of safe-deposit boxes, according to Assemblymember Avelino Valencia. Valencia framed the resolution as a straightforward way to reconnect families with money they may not even realize is missing, saying, “a quick search could put money back in your wallet.”
His office also notes that each year California returns hundreds of millions of dollars in unclaimed property to its owners, which suggests plenty of people really are leaving money on the table until the state nudges them to look.
Where to Look and How Much Is at Stake
Californians can search for unclaimed property on the official ClaimIt website at claimit.ca.gov. Local coverage has highlighted how Unclaimed Property Month is meant to drive more people to that portal. ABC10 reported on the state’s announcement and the figures behind it, including the scope of what is sitting idle.
According to those numbers, the state is holding more than 84 million individual properties tied to almost 39 million people. In other words, if you live in California, the odds are not terrible that there is at least a stray check or long-lost account out there with your name on it.
Expect Paperwork and Potential Delays
Claiming property is not as simple as clicking a button. The process usually requires proof of identity and documentation linking you to the funds or account. The Unclaimed Property Division has warned that claims are taking longer than usual to process because of higher-than-expected volume, which is what happens when millions of people are suddenly told they might have free money waiting.
The State Controller’s Unclaimed Property page on the State Controller’s Office website recommends including a photo ID, Social Security information and any records that show account ownership to help speed up review. Officials also stress that filing a claim through the official portal is free, so you should not be paying anyone just to submit paperwork the state will accept at no charge.
Keep an Eye Out for Scams
Because there is money involved, the state is warning residents to be careful about third-party services that charge fees to file claims on their behalf. Officials emphasize that the state’s portal offers the same service at no cost, which makes paid middlemen more of a convenience choice than a necessity, if that.
Assembly Speaker Robert Rivas has joined the awareness push and, in a press release from his office, urged Californians to stick with the official site to reunite with any missing money. For anyone who suspects they may be owed property, the message from Sacramento is straightforward: gather your documents, file your claim through the state, and be patient while staff work through the backlog.
