unclaimed

Federal lawmakers target states’ use of unclaimed property after CBS California investigation

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A CBS News California investigation into unclaimed property is now drawing bipartisan attention in Washington, with federal lawmakers moving to stop states from quietly profiting off money that belongs to residents. California alone holds more than $15 billion in unclaimed property from uncashed checks, old bank accounts, insurance payments, investments and other financial assets — … Read more

California is holding $15 billion in unclaimed property. Other states automatically return the money.

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California is holding roughly $15 billion in unclaimed property — one of the largest totals in the country. That’s money and valuables that legally belong to California residents, businesses and nonprofits.  A CBS News California Investigates analysis found large charities and hospitals had no idea the state was holding on to tens of thousands of … Read more