California is currently holding over $13 billion in unclaimed property belonging to millions of people. That means money from forgotten accounts, checks, and other assets is waiting to be claimed by its rightful owners. Could some of it be yours? This guide explains how to find out if California is holding your property, how to recover missing money, and the easiest ways to claim it. It’s free to search and simple to get started – you might be surprised at what you find.

How to Find Unclaimed Money in California

Finding unclaimed money in California typically starts with the State Controller’s official unclaimed property website. California’s online database (at claimit.ca.gov) lets you search for your name and see if any unclaimed property is listed. However, the official site can have its challenges – for example, the Unclaimed Property Division has been experiencing very high claim volumes, leading to slower processing times. It also only covers California, so you’d have to search other states separately if you’ve lived or done business elsewhere.

Chimo.ai offers a convenient alternative to check for unclaimed property in California and nationwide in one search. Instead of visiting multiple state sites, Chimo’s platform can scan California’s database and other states’ databases at once, saving you time. (If you prefer manual searching, the National Association of Unclaimed Property Administrators recommends using MissingMoney.com to search other states.) Chimo streamlines the process and helps you navigate the claim steps, making it easier to claim any money California might be holding for you.

How do Californians Lose Track of Their Money?

It’s more common than you think. In the hustle of everyday life, individuals and businesses can forget about old accounts or payments. Maybe you moved and didn’t close a bank account, or you misplaced a check. Perhaps a company tried to send you a refund or stock dividend but had an outdated address. In some cases, the owner passes away and their heirs have no knowledge of the asset. Over time these assets are handed to the state for safekeeping. The good news is California will hold them until the rightful owner comes forward – and we’ll show you how to find and claim what’s yours.

California Treasury Unclaimed Money

When we talk about “unclaimed property,” we mean money and assets that have been turned over to the government (in California’s case, the State Controller’s Office) after remaining untouched by the owner for a certain period.

The state government holds these funds in trust – think of it as California’s lost-and-found for money. Unclaimed money can come from all sorts of sources, such as forgotten bank balances, uncashed checks, and insurance payouts that were never delivered to the owner. California’s treasury (through the State Controller) safeguards this property so that owners can reclaim it anytime.

Types of Assets Held as Unclaimed Property

The list is surprisingly long. It includes dormant bank accounts, unused stocks and dividends, uncashed cashier’s checks or money orders, insurance policy payouts, utility deposits or refunds, contents of safe deposit boxes, and more. For example, if you forgot to cash a rebate check, or left a job without collecting your last paycheck, or if a relative died and their stock shares were never transferred – all of that could become unclaimed property. (Note: Real estate is not considered unclaimed property under California law.)

How to Search California for Missing Money

California’s official unclaimed property website is the place to start. You can search the database by name for free. If you find your name (or a relative’s name), you can initiate a claim right on the site. The state provides an online form via the Controller’s portal where you’ll enter your information and potentially upload documents to prove your identity/ownership. Alternatively, you can request a paper claim form if needed.

The process with the California State Controller’s Office is always free of charge – the state will never ask you to pay a fee to claim your own money. Essentially, California is holding onto these assets as a custodian, and you just need to verify that you’re the rightful owner to get your money back.

California Unclaimed Property Laws & Regulations

California’s unclaimed property laws set the rules for when and how money gets turned over to the state. The key concept is the “dormancy period” – the amount of time an account or payment sits with no activity or contact from the owner before it’s labeled unclaimed.

In California, the dormancy period is generally three years for most types of property. This means if you left a bank account untouched and the bank couldn’t reach you for 3 years, the bank must report and send that money to the state.

However, some property types have different timelines. Uncashed payroll checks or wages have a dormancy period of just one year (since it’s assumed you’d cash your paycheck ASAP). Certain instruments like money orders might have a longer period (often 7 years), and traveler’s checks even longer (15 years). Stocks, bonds, and dividends typically fall under the standard 3-year rule as well.

What happens to California unclaimed property after that dormancy period?

The funds are escheated to the state – “escheatment” is the legal term for transferring abandoned property to government custody. Importantly, even though the state receives the money, you do not lose ownership rights. The California Unclaimed Property Law is designed to prevent banks or companies from just keeping your money when they can’t find you. Instead, the state holds it on your behalf.

In California, unclaimed funds are held indefinitely until claimed by the owner or heirs. There is no deadline or statute of limitations on claiming your property back from the state. Whether it’s been 5 years or 50 years since it went unclaimed, you can still file a claim and get your money.

It’s worth noting that different states have different rules, but California’s approach is very much a custodial one – the state acts as a guardian for the funds, not the new owner. In fact, California law forbids the state from taking permanent ownership of unclaimed property. If you come forward with a valid claim, the money is always yours to reclaim. Even if California uses unclaimed funds for state budget purposes in the interim, they keep records and will pay out when a rightful owner appears.

California unclaimed money does not earn interest

California does not pay interest on unclaimed accounts or funds during the period it holds them. For example, if you had $100 in a forgotten savings account, you’ll get $100 back (not accounting for any interest that might have accrued before it was turned over).

The law doesn’t allow California to add interest for the time your money sat in the state’s hands.

The only exception might be if the property itself earned interest or dividends before it became unclaimed (for instance, stock dividends that were issued before the stock got handed to the state – those dividends are collected and will be paid to you upon claim).

But once the state holds the cash, it doesn’t grow. This is one reason it’s smart to claim your property sooner rather than later, especially for interest-bearing assets – you’d want to get it back and invested again in your own account.

California’s unclaimed property is managed by the State Controller

In California, unclaimed property is managed by the State Controller’s Office (SCO), not a state treasury department as in some other states. The State Controller is the official responsible for safeguarding unclaimed funds and helping reunite them with their owners. When banks, companies, or other institutions have dormant accounts that meet the dormancy criteria, they transfer those funds to the State Controller’s Unclaimed Property Division as required by law. The State Controller then becomes the custodian of that property until you claim it. As of the latest data, the SCO is holding tens of millions of unclaimed properties worth billions of dollars for Californians.

If you’re wondering how to use the State Controller’s services to find your missing money, it’s pretty straightforward. The SCO provides a free online search tool (the claimit.ca.gov website) where you can look up your name or business name. If you find a match, the site will guide you to start a claim. The claim process involves verifying your identity and entitlement – typically by providing your Social Security number, past addresses, or other identifying info, and submitting proof like a copy of your ID. The State Controller’s Office may also require documentation proving you are the owner (or rightful heir) of the specific account or asset, especially if the name or address on record is different or if it’s a large amount.

Why might the State Controller have never contacted you directly about money you’re owed? The fact is, people often don’t receive notice because contact information is outdated or incomplete. By law, businesses are supposed to send a notice to the owner’s last known address before turning property over to the state. The State Controller’s Office also sends notices to owners (using the holder’s last known address on file or an updated address if available from the Franchise Tax Board) before taking custody of the property. Despite these efforts, many notices never reach the person – they might have moved years ago, changed their name, or the letter simply gets ignored or tossed as junk mail. Additionally, if the amount is small, people may overlook it. This is why it’s important to proactively search the database. Common reasons for missing out on unclaimed property notices include:

Moving without updating your address
Name changes after marriage or divorce
Typos in records
Company not having your Social Security number to do a forward address lookup

Given these challenges, it’s wise to sign up on Chimo for a Search & Alert free membership to check daily for updates. Chimo is available 24/7 for searches.

Unclaimed Property Tax in California

Unclaimed property payments are generally not considered taxable income. This is because it’s money that was already yours to begin with – the state was just holding it for you. Claiming your lost $500 bank balance or a $50 refund check isn’t like earning new income; it’s simply the return of your own property. Therefore, you typically do not need to report the principal amount on your income tax return.

For example, if you get a check from California’s unclaimed property for $500, that $500 itself is not taxed by state or federal authorities as new income. However, there are a couple of nuances to keep in mind. If part of that unclaimed money represents interest or earnings, the interest portion could be taxable. Let’s say you had an old bank account with $400 in principal and $100 in interest that accrued before the account went dormant. When you claim it, you get $500. The $400 was your money (not taxable again), but the $100 interest was technically interest income. Ideally, that $100 should have been reported in the year it was earned. If it wasn’t, you may need to report it as interest income in the year you finally receive it.

Similarly, if a life insurance payout was unclaimed, any portion that is considered income might be taxable (though life insurance benefits are usually not taxed). The vast majority of claims are small amounts or base amounts with no additional earnings, so this usually isn’t a big factor.

California does not issue tax forms for unclaimed property claims

California does not pay interest on held funds, so it does not issue 1099-INT forms for interest because it doesn’t add interest to your claim.

In some states (like New Jersey, for example), the state does pay interest on the amount while holding it and would issue a tax form if the interest is above a certain threshold. California doesn’t do that – you get the asset value only, no extra. Thus, in most cases you won’t receive any tax document when you claim your money from California. It’s always a good idea to consult a tax professional if you’re reclaiming a very large amount or something unusual, just to be sure. But generally, retrieving your lost funds will not create a tax liability. Think of it like finding $20 in your couch – it was already yours, so you don’t pay tax on it.

One more tip: if the unclaimed property was something like stock or mutual fund shares that the state sold on your behalf, you might have a tax consideration. For instance, if those shares had gains since you originally got them, selling them could trigger capital gains tax. In California, the law requires the Controller to sell securities (like stocks) after a set period (by law, within two years of receiving them). The proceeds from that sale are what you claim. Technically, the sale is done by the state, not you, so the tax treatment can be a bit complex – but effectively, you should not be taxed on the principal either. The safest approach for complex assets is to check with a tax advisor, but for plain cash accounts and checks, rest assured you won’t owe extra taxes just because you claimed your long-lost money.

Frequently Asked Questions about Unclaimed Property in California

Can I claim property on behalf of a relative?

Yes, it is possible to claim unclaimed money for a relative, though the approach depends on the situation. If the relative is alive but wants you to handle the claim, you’ll generally need formal permission (like a power of attorney or them signing the claim form authorizing you). The claim will be in the relative’s name, but you can assist and be the point of contact. California allows “asset investigators” or finders to file on behalf of owners with consent, for example, but the owner typically must sign off. If you’re just helping a family member search, you can absolutely do that – you can search anyone’s name in the public database. But when it comes time to claim, the rightful owner will have to provide proof of identity and sign the claim or give you power of attorney to do so. Always be prepared to provide documentation that shows your authority to act for someone else if you are not the listed owner.

Can I claim property on behalf of a deceased person?

Yes. Heirs, executors, or legal representatives of a deceased person can claim that person’s unclaimed property. This is a common scenario – many people search the database for deceased parents or grandparents and find funds. California has a specific claim process for heirs of deceased owners. To claim as an heir or executor, you will need to provide extra documentation. Usually, you must supply a death certificate for the deceased owner, and proof of your relationship or authority, such as Letters of Administration or a court order if you are the executor, or a small estate affidavit if formal probate isn’t required. If the deceased left a will, a copy of the will and probate documentation may be needed. Essentially, you have to prove the original owner is deceased and that you are entitled to their assets (either by will or by law). Once that’s established, you can file the claim and the state will release the funds to the rightful heir(s). Keep in mind that heir claims can take a bit longer to process (often up to the full 180 days the state is allowed) because the verification is more involved

What happens to unclaimed safe deposit box items?

Unclaimed safe deposit boxes are one of the more interesting parts of unclaimed property. If you stopped paying rent on a safe deposit box and the bank couldn’t reach you, after the dormancy period (3 years in CA) the bank is required to drill the box and send the contents to the State Controller for safekeeping. California will hold those items for a time, but eventually the state may auction off the contents (this is allowed by law to manage storage limitations). In California, law requires that valuables from safe deposit boxes be held for at least 18 months, and then they can be sold at auction with the proceeds recorded. When you claim an unclaimed safe deposit box after its contents have been sold, you will receive the cash proceeds from the sale as your claim payment. If the contents have not been sold yet, the Controller’s Office will actually return the physical items to you upon a successful claim. (For example, jewelry or coins from the box would be given back to you.) Items of personal importance (like letters, photos or military medals) are usually not sold at auction – the state often holds onto those indefinitely and tries to return them. But things like jewelry, collectibles, or other valuables may be sold after the holding period. So, if you suspect you have a relative’s safe deposit box in unclaimed property, it’s wise to claim it sooner than later to potentially get the actual items back. Either way, the value is not lost – even if auctioned, the money from the auction is yours to claim at any time.

What’s the biggest claim in California?

Unclaimed property payouts can vary widely – most are small (often under $100), but some are quite large. While the average claim is $2000, there have been some significantly bigger claims. In recent years, individual claims in California have reached hundreds of thousands of dollars in value.

One of the largest single payouts in a recent year was reported to be around $265,000 to one claimant (likely from a stock account or an old trust). Corporate or institutional claims can be even larger – sometimes a business finds out it had a forgotten credit or deposit worth millions.

The State Controller’s Office at one point noted that they had returned over $100 million in unclaimed property to owners in a single year, which included one claim worth hundreds of thousands. The record claims in California’s history have been in the millions (for instance, an estate or corporate account worth several million dollars that went unclaimed).

These cases are rare but show that there’s really no upper limit – you could find a few bucks, or you could find a windfall. It doesn’t hurt to dream, but manage expectations and be sure to claim even the small amounts (after all, it’s free money!).

What if I don’t have proof of ownership?

Don’t be discouraged if you lack old paperwork for an account – you can still file a claim. The State Controller’s Office doesn’t necessarily need the original account documents; they mainly need to verify you are the person who was associated with the unclaimed asset. A government-issued ID and proof of your current address are minimum requirements for any claim. If the unclaimed property was listed under an old address, you may be asked to show proof that you lived at that old address (for example, an old bill, statement, or even a prior tax return with that address). If you changed your name, you might include a marriage certificate or court document linking your old name to new. In many cases, if the name is somewhat unique and you can prove your identity, that may suffice. California provides specific filing instructions that list acceptable documents – for instance, a utility bill, bank statement, birth certificate, etc., can help establish your connection to the property. If you truly have no documents, you can still submit a claim with whatever info you have and a signed claim form; the SCO may contact you for more information. They want to approve claims, not deny them, so they will often work with you to find alternative ways to show ownership. Just be thorough and honest on the claim form. Pro tip: include any identifying details like any previous addresses, alternate spellings of your name, or associated account numbers if you remember them. The more info you provide, the easier it is for the state to see that you’re the rightful owner.

What happens to unclaimed stocks and bonds?

When securities like stocks or bonds become unclaimed, the state takes possession of the shares. California law requires that securities be sold after a designated period (within two years of being received by the Controller) Until they are sold, the state holds the securities in your name. If you file a claim before the state sells them, the Controller’s Office can actually transfer the shares back to you, so you’d receive the stock itself (along with any dividends that accrued while the state held it). If the state has already sold the securities (which often happens to manage the fund), you as the claimant are entitled to the net proceeds from that sale, plus any dividends or interest earned before the sale. In other words, you won’t miss out on the value – you get the cash equivalent. One thing to note is that once the state sells the stock, you do not get any future increase in stock price, just what it sold for at the time. For example, if you had 50 shares of a company and the state sold them at $20 each, your claim would be $1,000 (plus any dividends that were paid out before the sale). If the stock later went up to $30, the state won’t reimburse that difference. This is why some people prefer to claim securities quickly to get the actual shares. But if it’s already liquidated, at least you get the money. The state does not charge any fees or commissions on it – you get the full proceeds. If you had bonds or mutual funds, similar rules apply. It’s also worth mentioning: dividends and stock splits that occur while the state is holding the shares are tracked. The owner is entitled to those benefits even if the claim is after the fact. So California tries to make you whole as if you never missed those corporate actions. All you need to do is file a claim to receive the value that’s due to you.

How to Claim Unclaimed Property in California

Ready to claim your missing money? Here’s a simple step-by-step guide to submitting a claim in California:

Find your name on the unclaimed property database. Start by searching for your name (or your business’s name) on the California State Controller’s unclaimed property website. You can search by first and last name; try variations or middle initials if you don’t see an obvious match. If you find your name, the listing will typically show the name of the institution that reported the funds (like the bank or company), an address associated with the property, and an approximate amount or range. Verify that the address or institution matches something connected to you (for example, an old utility company and your previous address – that’s likely yours).
Initiate a claim and provide your information. Once you select a property to claim, the website will guide you to an online claim form. You’ll be asked for identifying details such as your current name, Social Security Number, date of birth, current address, phone, and email. This is to create a claim record and later to verify identity. Fill out all required fields. For many straightforward claims, California allows you to file electronically (eClaim). If your claim is eligible for online submission, you’ll proceed to the next step. If not (for instance, some complex or high-value claims require a paper filing with notarization), the site will instruct you on how to print out a claim form to mail in
Submit proof of identity and ownership. After entering your info, you’ll need to prove you are the rightful owner. For an electronic claim, you can usually upload scans or photos of documents. At minimum, you must provide a copy of a government-issued photo ID (like a driver’s license or passport) and your Social Security Number (the online form may validate SSN, or you might attach a copy of your Social Security card or a tax document showing it). If the property listing has an address that is not your current address, try to provide proof of connection to that last known address – examples include a utility bill, bank statement, or any official document that shows your name and that old address. For claims involving a business, you’d provide proof of your authority in that business (like incorporation papers or a business card and ID). For an heir claim, as discussed, you’d include the necessary estate documents and proof of relationship. The Claim Affirmation Form (which is basically the claim form) must be signed – if filing electronically, you’ll electronically sign; if by paper, you’ll sign and often need it notarized for certain relationships or large amounts. Make sure to include all pages of required documents to avoid delays. Once you’ve uploaded/attached your documents and submitted the claim, you’ll get a confirmation.
Wait for the claim to be processed and approved. Now the State Controller’s Office will review your claim. They may reach out if anything is missing or if they need additional proof. Simple claims can be processed quite quickly – often within 30 to 60 days if everything is in order. These would be claims like a straightforward claim by an owner for a small cash amount where the name and address match up. More complex claims (larger dollar amounts, claims with multiple heirs, or claims for securities or safe deposit contents) will take longer. California law allows up to 180 days (about 6 months) to finalize a claim, and indeed many complicated cases do use much of that time. As of recently, the SCO mentioned they have high volumes, so patience may be needed. You can check your claim status online using the Claim ID they provide. Eventually, you should receive an approval notice.
Receive your payment or property. Once approved, the State Controller will issue your payment. If it’s money, you’ll typically get a check mailed to the address you provided. (In some cases for businesses or large amounts, they might do an electronic funds transfer, but check by mail is most common.) If you claimed physical property (like safe deposit box contents that weren’t sold), the Controller’s Office will coordinate with you to return those items, possibly via certified mail or arranging pickup. For securities being returned (if applicable), they will guide the transfer back to you. The payment timeline after approval is usually pretty quick – often just a couple of weeks or sooner. Keep an eye on your mailbox. The check stub or accompanying letter will reference “Unclaimed Property Division” so you know what it’s for. There is no fee deducted from your claim; if you claimed $100, you get the full $100. (If you used a third-party investigator or service, they might charge you separately, but the state does not take anything out.) At this point, congrats – you’ve successfully reclaimed your money!

After receiving your funds, you might wonder if there’s anything else you need to do. Generally, no further action is required. It’s a good idea to cash or deposit the check promptly (checks can stale-date after some months). And consider this a reminder to keep your addresses updated with financial institutions to avoid future unclaimed property. But also, now that you know how it works, you can periodically search for yourself and family members. New property gets added to the database every year, so it’s worth checking back annually or so.

Start Your Unclaimed Property Search in California

California is holding billions in unclaimed property, and some of it could belong to you. In fact, 1 in 7 Americans is estimated to have unclaimed property waiting to be found– those are pretty interesting odds! Whether you’ve lived in California all your life or just did business there briefly, it’s definitely worth taking a moment to search. Remember, it costs nothing to look up your name and to claim your funds. Don’t pay anyone to do a basic search for you – you can do it yourself for free in minutes (or use Chimo.ai’s free search service to check across multiple states at once).

Ready to find out if you have any missing money in California?

Go ahead and search now. Enter your name in the California unclaimed property database or use our nationwide search tool. You might uncover a utility deposit you forgot, a last paycheck you never received, or a bank account you opened long ago. Even small amounts like an old $50 rebate are worth claiming – it’s your money! And there’s always the chance you could discover something sizable. The process is easy and we’ve outlined all the steps to help you. If you run into any questions, refer back to this guide or check the State Controller’s FAQ page for more details.

Take action today: an unclaimed property search is a quick win. It’s essentially a free “money hunt” that could put cash back in your pocket. Californians have reclaimed millions of dollars that they never knew about until they looked. So go ahead – find your money and claim what’s yours. It’s better in your hands than in the state’s vault. Good luck with your search, and here’s to any surprise funds you might discover!

California Unclaimed Property