Does California owe you money? Millions may have unclaimed funds sitting with the state

Many Californians may have unclaimed money without realizing it, and state officials say there’s a simple way to check.

In the course of everyday life, it’s easy to lose track of funds — from reimbursements tied to closed bank accounts to insurance payouts. When money goes unclaimed, it is often turned over to the state.

California currently holds nearly $15 billion in unclaimed money, according to State Controller Malia Cohen. A significant portion is concentrated in Southern California.

"In L.A. County, there's over $5.3 billion, Orange County has over $1 billion," Cohen said. "San Bernardino County has over $413 million, Ventura County has over $204 million, and Riverside County has $419 million, and collectively, those counties total $5.6 billion."

How do I check if I have unclaimed money in California?

Residents — and even businesses — can search for unclaimed funds through the state’s website, ClaimIt.ca.gov.

Users can enter their name and search for matching records, including past addresses. If a match is found, a claim can be filed online.

"They may ask you qualifying questions like last known address, social security number, it depends on what exactly my legal department has to identify the heir," Cohen said.

The process applies to more than just individuals. Businesses that have lost track of funds can also file claims.

"Businesses also lose track of money," Cohen said. "Think about it. If you have a business partner and you and your business partner split, or you shut down the business and you have a deposit on a piece of property or an office space ... ownership changes. So people should be looking not only for their individual names, but also business names."

State officials recommend checking the site regularly, suggesting it can become an annual habit.

"I like to remind people to go do an unclaimed property search on their birthday, because if they get something, it's like a wonderful birthday present for them. You're going to have a birthday every year. It's an annual thing. Just go ahead and check out unclaimed property," Cohen said.

The unclaimed property website is free to use and only takes a few minutes.