California Uses Unclaimed Money to Fix Budget Deficit
June 2nd, 2010California tops the chart in unclaimed money laying with the state treasurer. The state is trying its best to get the unclaimed cash to the rightful owners. To reach the owners individually, California government is sending more than 9,000 memos this week. Week after week the reminders are being sent to the businesses as well as individuals to inform them about any unclaimed cash or property in their name.
The state’s coffers are getting filled with Unclaimed Property Program that receives unclaimed checks from various banks, insurance companies, utility services, employers, etc. Any financial instrument, if unrealized for more than three years, is categorized as unclaimed money.
