How will I receive payment?
You will receive a warrant (a check from the state) in the mail from the State Controller’s Office. There is no option for direct deposit for unclaimed property payments.
How long will it take to receive payment?
Claims that involve only cash can usually be processed within 60 days. Complex claims (e.g., claims filed by heirs, claims with multiple owners, or business claims) are usually processed within 180 days. Payment of claims that involve securities require additional time to research corporate activity that may affect the value of the security. Please allow us an additional 120 days to one year to complete this research.
If I owe money to a state or local agency, will that affect my claim payment?
California Government Code Sections 926.8 and 12419, allows the Franchise Tax Board to intercept payments from the state lottery, tax refunds, and unclaimed property funds for debts owed to state, city, or county agencies. The State Controller’s Office intercepts only the amount owed, and the intercept will apply even if you are in an installment agreement with the agency. If you have questions or disagree with the intercept, you may call the agency listed on the intercept notice that is mailed to you. The State Controller’s Office Unclaimed Property Division has no information on debts owed.
Do I need to pay taxes on my property?
The State Controller’s Office, Unclaimed Property Division, does not withhold taxes from unclaimed property payments. For advice and information concerning your specific tax situation, consult your tax adviser.