California Unclaimed Property

For Businesses

Businesses must report unclaimed property to the California SCO if the property has been inactive for three years. This includes uncashed checks, unclaimed wages, and inactive accounts. Businesses must also notify owners before reporting the property as unclaimed.

Businesses are required to perform due diligence to locate owners of unclaimed property. This typically involves sending written notices to the last known address of the owner.

Organizations must file an unclaimed property report annually by November 1, detailing all unclaimed property held. The report must include the names and last known addresses of the owners.

Failure to comply with unclaimed property laws can result in penalties and fines. Businesses may face audits and may need to provide records for unclaimed property.

Companies can claim property by filing a claim with the SCO, providing relevant documentation, and proof of ownership.

Businesses also do not have a time limit for claiming unclaimed property, but they must ensure compliance with reporting requirements to avoid penalties.

For Individuals

In California, unclaimed property includes any financial assets that have been inactive for a specific period (generally three years) and have not been claimed by the owner. This includes savings accounts, checks, insurance benefits, and other financial assets.

Financial institutions and other entities must report unclaimed property to the California State Controller’s Office (SCO) annually. They must attempt to contact the owner before reporting the property as unclaimed.

Individuals can search for unclaimed property through the SCO’s website. If property is found, individuals can file a claim by providing proof of identity and ownership, such as identification documents, account statements, or other relevant information.

Once a claim is submitted, the SCO will review it and may request additional documentation. Claims are typically processed within 90 days, although some may take longer depending on the complexity.

Individuals have no time limit for claiming their property, as it remains available until claimed.

Why Use Asset Reunite Partners?

We provide a hassle-free alternative to searching & filing claims independently and maximize your chances of claims approval. Our company is well-respected in the industry and has established strong connections with unclaimed property administrators, attorneys, and other key professionals.

Extensive & Ongoing Search

Our team is able to uncover assets from overlooked and often unknown sources by leveraging cutting-edge research tools, extensive agency partnerships, and our proprietary database. We provide isolated searches as well as ongoing audit coverage for individuals and institutions on the receiving end of unclaimed assets.

High Success Rate

Don't risk delays and legal expenses in claims that get rejected. Our team knows the in's and out's to get your money promptly without need for all the back and forth paperwork and associated costs.

Instant Payment

Our streamlined method ensures an accelerated claims process that delivers significant recoveries. However in certain cases/jurisdictions, there may be lag on the part of the government. Depending on the claim, you may have the opportunity to participate in our claims purchase program, where we buy the right to a claim in return for upfront cash.

At Asset Reunite Partners, our dedicated team works around the clock to promptly resolve problems and answer questions.

Dedicated Support

Let us help you simplify your asset recovery process.

Reach out for expert asset recovery assistance today.