Unclaimed property is lost or forgotten financial accounts. The most common types are cash left over in inactive bank accounts and overpayments to businesses.
In many cases, businesses have lost contact with a customer or the customer has not responded to notices that they have unclaimed property. If a business has unclaimed property, they send it to the state for safekeeping until the customer claims it.
In California, there is over $6 billion in unclaimed property belonging to approximately 17 million individuals and organizations. To search and find out if you have unclaimed property visit: http://scoweb.sco.ca.gov/UCP/ and enter your information.
You can also watch a brief video about unclaimed property at this website: http://www.sco.ca.gov/upd.html. Once on the page click the link “Video: The State Controller offers tips about unclaimed property.”