Who Moved the Cheese?
November 18th 2011 02:40
Want your money? It is best to keep a watchful eye on it in your bank. In the state of California banks have a policy that you may not know about that will allow your money to be given to the state.
California has an Unclaimed Property Law, California Code- Title 10. This law mandates businesses, associations, insurance companies and financial institutions to report yearly accounts with inactivity to the state controller’s office. The owners of the accounts are legally supposed to be contact before the money goes to the state.
The California State Controller’s website states that, “The Unclaimed Property Law was enacted to prevent holders of Unclaimed Property from using your money and taking it into their business income.”
Ehow.com reports, “as of 2010, the state holds unclaimed property of more than $5.7 billion owned by about 11.6 million people and organizations.”
This law applies to: contents of safe deposit boxes; stocks, mutual funds and dividends; cashier’s checks and money orders not cashed; certificates of deposits; estates; mature and ended insurance policies; royalty payments; and trust funds and escrows.
Do you have some money you forgot about? Check your accounts. Inactivity is described by one bank as no money withdrawn or deposited in a period of two years. Even if your account as the sufficient funds without activity the state can still hold onto your cash.
Check the California Controller website or the site in your state and you may find your lost cash.
http://scoweb.sco.ca.gov/UCP/
National Unclaimed Property Database
| 25 |
| Vote |
subscribe to this blog
