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State holding on to over $9 billion in unclaimed property

Photo by MGN

According to the California State Controller's Office, the state is currently holding over $9 billion in unclaimed property.

"You may have money that you don't know you had,” Jordan Kaufman, Kern County Treasurer and Tax Collector, said.

Kaufman says most of the money comes from things like uncashed checks, forgotten bank accounts or even long-lost insurance policies.

Under state law, companies are required to report the money to the government after a certain number of years.

“They want to get it off their books, it's not their money. So they send it to the state,” Kaufman said.

So, if you think there might be a chance that you might have some money waiting for you up in Sacramento, Kaufman encourages you to check it out because it's never too late.

"They will hold it indefinitely which is why, as a local treasurer, I absolutely encourage everyone, both individuals and businesses, to check the state's website."



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