Your money: Californians owed billions in unclaimed property

Your money: Californians owed billions in unclaimed property
BAKERSFIELD, Calif. (KBAK/KBFX) — California's database of unclaimed property shows billions of dollars in hard property and money, waiting to be transferred to its rightful owner - you, and other everyday people.

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Over the last few decades, more of the property has been piling up at the California State Controller's Office, and the state is working to get the word out that the money is there for the taking.

"We have all sorts of items that end up being transferred to the state, because the company that has been holding them for whatever reason has reported to us that they have lost contact with the customer for over three years," said state spokesman Jacob Roper.

He said the source of the money could be many things: an old refund from a utility company, money from banks, safety deposit boxes or mutual funds, or insurance policies, for examples.

The unclaimed money and hard property held by California totals around $6.9 billion.