Federal lawmakers target states' use of unclaimed property after California investigation
A CBS News California investigation into unclaimed property is drawing bipartisan attention as federal lawmakers move to stop states from quietly profiting off people's investments.
April 16, 2026 / 2:06 PM EDT / CBS News California
California alone holds more than $15 billion in unclaimed property from uncashed checks, old bank accounts, insurance payments, investments and other financial assets — money that, in many cases, owners don't even realize exists.
Until it's claimed, the state can use those funds for general operations, but it is still required to return the original amount to the rightful owner if they come forward later.
According to the California Legislative Analyst's Office and state budget documents , unclaimed property remains one of California's top sources of General Fund revenue, generating about $1 billion annually.
While the state is required to notify people of their unclaimed property, it has returned roughly 3.5% of the more than $15 billion in funds and assets it holds.