Unclaimed money- an old uncashed paycheck, insurance refund, forgotten security deposit, forgotten investments are just a few of the reasons you may have money sitting in an account at the state controller’s office.
Unfortunately, Wealth Management Associates has received several calls and e-mails over the past month from clients who have received suspicious communications from third party companies regarding unclaimed property.
Many of these letters have asked people to send their personal information to a third party or private attorney for assistance with recovering unclaimed funds. These companies usually charge a percentage of claimed funds as payment for their services. Often these letters are sent referencing deceased relatives which can add another layer of complication. In general, it is never a good idea to provide an unfamiliar company with your personal information. If you are tempted to go this route call the company directly and ask questions or do additional on-line research to check their validity. If you think the company is not legitimate you should forward the correspondence directly to the state controller’s office for investigation.
In the end, although some of these companies may in fact be legitimate, it is best to go through the government website to research what funds are owed to you and file a claim. Here is the web link for the California State Controllers website: http://www.sco.ca.gov/upd_msg.html If you live in another state, or have previously and may have money with a company there it is best to google the state treasury office for that specific state.
Now that you know all the fact, go ahead and take a look to see if you have unclaimed property waiting for you!