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California Holding Close To $8 Billion In Unclaimed Property

SAN FRANCISCO (CBS SF) -- The State of California is currently holding a record amount of unclaimed property, with cash making up 90 percent of the nearly $8 billion being held by the State Controller's office.

State Controller Betty Yee says the total includes forgotten bank accounts,  security deposits, refunds and wages. She says the funds come from "any type of business which is holding property which they have not been able to return."

Yee noted the unclaimed property also includes items found in old safe deposit boxes.

"We sometimes find heirlooms and keepsakes," Yee explained.

So how do you check to see if you have something to claim?  The California State Controller's website has set up a page with information on unclaimed property and a second search page.

You could find some funds you've forgotten about or never knew about.

But that's not the only place to look for money on the Controller's website.

The state recently added a Life Insurance Settlement Search page. It is intended to help beneficiaries claim death benefits they may not have known about.

Yee says her office has reached agreements with 28 insurance companies that requires they turn over funds.


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