California Unclaimed Property: Billions Await Their Rightful Owners
California residents may be surprised to learn that billions of dollars in unclaimed property are currently held by the state, waiting to be returned to their rightful owners. As of February 26, 2026, the State Controller’s Office holds over $15 billion in unclaimed assets, with over $1 million being returned to individuals and businesses daily. State Controller Malia Cohen encourages Californians to regularly check for unclaimed funds.
Why Does the State Hold My Property?
Financial institutions and businesses are legally required to report and remit unclaimed property to the State Controller’s Office after a period of inactivity – generally around three years. This happens when a company loses contact with the property owner, whether due to a move without a forwarding address or, in some cases, the owner’s passing. The State Controller’s Office safeguards this property indefinitely until it can be reunited with its owner or heirs. Search for unclaimed property on the state’s website.
What Types of Property Are Considered Unclaimed?
Unclaimed property takes many forms, including:
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed checks and money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Estates
- Mineral interests and royalty payments
- Trust funds and escrow accounts
- Utility account deposits
It’s critical to note that the unclaimed property program does not deal with real estate.
How to Search for Your Unclaimed Property
The State Controller’s Office provides a free and easy-to-use online search tool. You can search for unclaimed property at:
The state periodically updates its database, so regular searches are recommended.
What Happens After Property is Reported to the State?
Before assets are transferred to the State Controller’s Office, companies are required to make an effort to contact the owners. The Controller’s Office then sends notification letters to property owners, providing them with an opportunity to claim their funds. In the previous fiscal year, the office mailed 1.5 million notification letters for property valued at $50 or more.
How to Claim Your Unclaimed Property
Claiming your property is free, but you will need to verify your ownership. You can contact the State Controller’s Office at 800-992-4647 if you have questions or believe the state is holding property that doesn’t appear in the online search. Heirs, trustees, and executors can also file claims on behalf of deceased owners.
Beware of Claim Recovery Services
Be aware that some companies offer to search for and claim unclaimed property on your behalf for a fee. These “investigators” are legally limited to charging no more than 10% of the property’s value if they successfully recover funds.