If you receive an official letter from the California State Controller’s Office, don’t be too quick to throw it away as many people might find a “forgotten” cash surprise inside.
Recently, people have been receiving letters from the office of California State Controller Maria M. Cohen, informing recipients about the opportunity to claim cash through the state’s Unclaimed Property Program, with the amount varying from person to person.
Initially mistaken for a scam by some, upon verification and submission, people have indeed received checks. So, what’s the deal with this? Cohen recently announced that this is the state government’s second-round notification program – informing the public on how to easily reclaim their forgotten assets.
California’s Unclaimed Property Program is essentially the government’s way of safeguarding funds that have been unused or unclaimed for a long period by individuals. As of now, there are approximately $15 billion in unclaimed assets in California.
These assets include long-unused bank accounts, uncashed checks, insurance benefits, stocks, dividends, and other financial assets. When these properties go unclaimed or unused within the legal timeframe, they are transferred to the state government for safekeeping until the rightful owner or heir makes a claim.
In the first round of notification program in December last year, Cohen’s office sent out over 100,000 letters, assisting residents in reclaiming over $30.4 million successfully.
Cohen stated that in collaboration with the California Franchise Tax Board (FTB), they have once again sent letters to around 130,000 California residents, aiming to help residents quickly and easily retrieve their forgotten funds.
Recipients do not need to search official databases themselves or submit traditional claim applications. They just need to verify their claim using the exclusive claim code provided in the letter and complete a simple online claiming process. Eligible claimants are expected to receive their check within two weeks after completing the process.
It is important to note that not all Californians will receive notifications. Only individuals who may have unclaimed property under their name will receive official letters, so caution against scams is crucial.
Cohen emphasized, “Claiming property from the State Controller’s Office is free of charge.” If you receive an email or text notification, or are asked to pay a fee, remain vigilant.
She stressed that the official letter will clearly state “California State Controller’s Office” and provide claiming steps. The guided website for recipients mentioned in the letter is also the official site (ClaimIt.ca.gov). People should avoid responding to any suspicious requests for personal or financial information and if in doubt, verify authenticity through the State Controller’s Office official channels.
This article is provided for general information only, and Epoch Times does not offer investment, tax, legal, financial planning, real estate planning, or other personal financial advice. For specific information, please visit the California State Controller’s Office official website.