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State May Hold Money You Never Knew You Were Owed

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Feb 9, 2010 3:44 pm US/Pacific

State May Hold Money You Never Knew You Were Owed

Reporting
Sue Kwon
E-mail
SAN FRANCISCO (CBS) ― As California holds on to a total of $6 billion in unclaimed property, several companies are tracking consumers to notify them that they may be entitled to these funds.

Viewer Dennis Dudiks contacted ConsumerWatch when he received a message on his Facebook that his late father's estate being held - the total amount was $15,000.  Dudiks said he thought the message was a scam.

The message Dudiks received wasn't a scam. In fact, there are several companies that provide this service for consumers, but there is a percentage fee from the money recovered or a monthly subscription fee.

But consumers could now find if they have unclaimed property by logging onto to California's State Controller Web site without paying a fee.  All consumers have to do is follow a few steps. If there is unclaimed property, the consumer then needs to file a form with the state.

As for Dudiks, he received the news that California has been holding onto his fathers investments. The claim may take up to 30 days to process. For claims that are more complicated it can take about six months. Unclaimed property could be money from a Paycheck, utitlity deposit, bank or stock account that was never collected. 

(© MMX, CBS Broadcasting Inc. All Rights Reserved.)

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