Got Uncashed Checks?

It’s one of those tasks that happen once a year, and like audits, nobody likes to talk about it: escheating of unclaimed funds to the State of California. Every year, we watch thousands upon thousands of dollars being sent to the State for uncashed, outstanding checks. I see refund checks in excess of $2,000.00 being remitted and I have to ask, where are these people? Don’t they WANT this money?

Problem is, it’s been three or more years since the escrow company has had any contact with this party. Not only is the file in storage, but the payee has probably moved twice since the check was issued. Or maybe it’s a termite company check, a termite company who’s now out of business (probably because he lost your check!)

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For more information about reporting unclaimed funds, visit the California State Controller’s website.