Good unclaimed money news for Californians
California
Good news for Californians! Over $400 million are ordered by a judge to be paid
to the owners of
unclaimed money which was in the hands of the California
Treasury Department. According to a news report
in San Francisco Chronicle, ?The ruling is the second major blow to the state
this year over how it has handled more than $5 billion in the unclaimed property
account - enough money to cover the cost of the California's 109-campus
community college system.?
The U.S. Government is holding-on to an estimated amount in the neighborhood of
$40 billion in unclaimed assets.
Imagine how much interest that generates per year! Yup, hundreds of millions. In
the Golden State alone, there is around $5 billion in unclaimed money and there
were reportedly instances where the state failed to include the interest on
successfully returned assets. This adds to the negative rulings plaguing the
unclaimed property division of the state's Treasury
Department. A federal court earlier this year
found that the state failed to notify some owners of lost assets properly before
seizing them. This resulted in a federal court ordering a cease in the seizure
of
unclaimed property by the state
until new laws were passed ensuring proper attempts to notify the owners of
such. The ban was lifted just recently.
-
