Palonek Helps Californians Find Unclaimed Cash
Every day thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, safe deposit boxes and gift cards. Edward Palonek of foundmoney.com is helping people just like you reunite with their unclaimed cash.
- (1888PressRelease) September 17, 2010 - State Controller John Chiang recently announced the launch of new sections of the State of California's unclaimed property website that is aimed at helping Armenian, Korean and Vietnamese-speaking property owners find their lost and unclaimed money, which also supports Chinese and Tagalog.
The unclaimed asset site now allows users to choose from several language options when searching through more than $5.7 billion in unclaimed properties belonging to 11.6 million individuals and organizations in California.
By law, Holders of accounts are required to review their records each year to determine if they hold any property, whether tangible or intangible, that has remained unclaimed for the required dormancy period. Once property has remained unclaimed for the required dormancy period, it becomes reportable.
According the California's State Laws for unclaimed property, the following is a list of the type of unclaimed assets and the number of years before they are deemed "Dormant" and must be handed over to the State.
Cashier's Checks 3
Demand Deposits (Checking) 3
Demutualization
- Incorrect address Immediately
- Returned mail 2
- No response 3
Dividends 3
Employee Benefit Plan 3
Escrow Accounts 3
Gift Certificates 3
Interest 3
IRA's & Retirement Plans 3
Life Insurance Funds 3
Liquidating Distributions 0.5
Matured Time Deposits 3
Money Orders 7
Ordered Refunds 1
Safe-Deposit Boxes 3
Savings 3
Stocks and Bonds 3
Traveler's Checks 15
Wages or Salaries 1
Written Instruments (checks) 3
Other Property 3
Edward Palonek, founder of Foundmoney.com, a company specializing in helping people find unclaimed money, since 1994 states that "each State has different periods when an account is classified as Dormant, so it is best to check with the State that you reside in or have resided in".
Holders of property are required to notify owners by letter that their property is in danger of being transferred to the California State Controller's Office. These owners would receive what is called a "due diligence", which gives the owner of the account time to ensure that the account(s) does not become dormant.
"In many cases a simple withdraw or deposit will ensure that the account is not transferred over to the State", says Palonek
John Chiang, the Controller for California says that from January 2007 through the end of 2009, his office sent out 3.17 million notices, which consisted of 1.27 million letters that were warning owners their property was about to be sent to the State, and another 1.89 million notifying owners their property had been sent to State.
"Many folks could use some extra cash right now to pay off those credit card bills or help with a mortgage payment and Foundmoney.com wants to help give Californians get back their unclaimed accounts", says Palonek.
You could be one of those lucky Californians that have money just sitting there waiting to be claimed. Don't delay and start your search, you could be richer that you think.
Contact:
Foundmoney at www.foundmoney.com
Edward Palonek at www.edwardpalonek.org
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