California is sitting on $15 billion in unclaimed money. Your name might be on some of it
CBS News
If you’re in California, there’s a good chance some of your cash is in the state’s coffers.
As CBS News discovered, the Golden State is holding an enormous stockpile of unclaimed property, now totaling $15 billion (1). With such a large amount of cash and valuables, the state controller’s office estimates one in three people who search their name on the official database will find something they’re owed.
Assets held by the state include anything from forgotten bank accounts or uncashed paychecks to insurance payouts, utility deposits, and family heirlooms.
Like other states, these funds wound up under California’s care after accounts went inactive for a few years (three years, in California’s case) (2). When companies can’t reach the property’s owner within this timeframe, the property winds up under the state’s custody.
Under California’s current policies, that money doesn’t automatically go back to the property owner. Despite attempts to change California’s legal code, the system doesn’t allow proactive tracking, making the claims process more passive than in some other states.
Because of California’s restrictions on tracking, many don’t realize the state has their unclaimed money. According to CBS News, even state children’s hospitals are owed some $1.3 million.
One example highlighted in the CBS News investigation was the Yolo County Food Bank. When the food bank’s director, Karen Baker, learned the state was holding $2,500 for her organization, she was in disbelief, saying, “It would seem like it would be much more proactive to just send us the information, or better yet, send us a check of all unclaimed funds.”
State Controller Malia Cohen said she introduced “Unclaimed Property Month” in February to try and raise awareness within the state, but she’s still struggling to track potential claimants after the proposed bill AB 1447 failed to update California’s system (3).
California may be holding on to billions in unclaimed assets, but that’s not the case in every state. A growing number of local governments are taking a more proactive approach to returning these funds through advanced data-matching systems and automatic distributions.
For example, Illinois runs an “Enhanced Money Match” program in which the State Treasurer’s Office cross-references unclaimed property records with state databases, such as tax and address records, to confirm ownership (4). Once they verify a match, the state simply mails the resident a check.
In one recent round, about 138,000 people in Illinois received checks totaling roughly $13.2 million (5).
By contrast, California’s system relies on a self-service model. Residents and organizations need to scour the state’s online database and submit documentation proving they’re the rightful owner before they get their money.
To California’s credit, the state controller’s office acknowledged this issue and sent approximately 100,000 letters early in 2025 to people with between $500 and $5,000 in unclaimed property. According to CBS News, this first outreach campaign led to $25 million claimed funds for 22,000 individuals.
Despite these campaigns, California’s unclaimed property process isn’t as streamlined as those in states that automatically track and match residents, such as Illinois or Virginia (6). But that doesn’t mean anyone living in states like California doesn’t have a way to access what’s rightfully theirs.
If you’re curious whether your state has any unclaimed money, there’s a simple way to search from the comforts of home. Simply pull up your local official unclaimed property database online.
The National Association of Unclaimed Property Administrators (NAUPA) now reports that every state has a free searchable database, so there’s no fee to look up this info on your own (7).
For example, California’s State Controller’s Office maintains an online search tool where anyone can look up their name or a business name. You could even look up the name of a relative if you think they left assets behind.
If a match appears, you’ll see the legal property holder and the estimated value.
To claim the money, the next step is to verify that you’re the rightful owner, which usually involves submitting documents such as a government-issued ID and proof of address linked to the account or property.
If you’re trying to claim property from a deceased relative, you’ll need other details like probate paperwork or proof you’re the legal heir.
Since states like California rely on a claim-based system rather than automatically sending checks, you may need to be more persistent and follow up with the controller’s office if a claim is delayed or denied.
Even if you don’t see any claimable assets this year, it’s worth getting in the habit of checking for unclaimed property annually.
Institutions like banks must report to states once per year whenever accounts become inactive. So, there’s always a chance that money tied to something like an old job or forgotten utility deposit might pop up in this database.
If you need any help in this process, there are third-party firms known as “finders” that can sift through records on your behalf. However, according to the NAUPA, most states require finders to have an official license, and experts advise researching the company’s accreditations before hiring anyone (8).
Although it takes more time and effort to get unclaimed property in states like California, you might be surprised what’s rightfully yours with a simple online search.
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CBS News (1); California State Controller’s Office (2, 3); Illinois State Treasurer (4); Fox 32 Chicago (5); Virginia Treasury (6); National Association of Unclaimed Property Administrators (7, 8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
