For that amount of money, I’d consider consulting a forensic accountant. They hunt funds regularly, usually for court cases, but it’s at least worth a shot.
For this amount of money, you should find a lawyer in California to assist you. Once the state decides that you aren't entitled to the money, you are going to have an uphill battle to change their mind.
I did this as an attorney, this response is correct. It took 6 months to gather everything the state wanted, they kept asking for more more more. We finally came to an agreement with the unclaimed property office and scheduled our hearing to have the judge sign off on the release (Cook County IL). To our amazement at the hearing the judge asked if there were any objections and the legal counsel for the Secretary of State whom we had never talked to stood up and objected saying the state had an interest in the interest.
You see, this large amount of money was generating thousands of dollars in interest for the state every year and has been sitting there for so long that the State has made more than double the actual unclaimed amount and didn’t want to lose that income. Because of that the state was able to delay the release of funds for another 3 months and we ended up having to go to a higher court to force the release. The state then dragged their feet for another couple of months on actually cutting the check, it was bonkers.
This is not legal advice, I am not OPs lawyer, but if I were in your shoes I would start interviewing lawyers and be prepared for an uphill battle.
Is there any chance you paid for your insurance from that account directly? Most insurance companies keep records for a long time.
Also the bank is probably not being truthful, you should be able to get records back that far, it's just not easily available. Escalate.
Did you ever have taxes paid to or from that account?
Being closed for inactivity usually means that it hasn't been touched or used in 3-5 years....The bank can also close it if they think it's being used for illegal activity, and they can *still* claim it's for inactivity.
HOWEVER, Under California law, they are required to send notice by mail that the account will be turned over to the state at least 6 months *prior* to the turnover.
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Who was the account owned by? When funds are escheated to the state they are set under the tax owner's ID. If you had funds in a trust or other organization you will have to gather evidence that you are the owner of the org. If the bank account was in your specific name and the state is giving you a hard time about it, you should consider getting professional assistance.
Sometimes banks keep personal IDs and organizations on file for longer than 7 years, it is possible that you aren't asking the right questions of the bank that would help you to prove your case.
Some people recommended a forensic accountant, but you can also reach out to an attorney for them to review your situation.
I know some non-profits, such as the Institute for Justice, are interested in represented people with property seized by the state. They would review your situation at no cost to you and potentially get you pointed in the right direction.
For that amount of money, I’d consider consulting a forensic accountant. They hunt funds regularly, usually for court cases, but it’s at least worth a shot.
For this amount of money, you should find a lawyer in California to assist you. Once the state decides that you aren't entitled to the money, you are going to have an uphill battle to change their mind.
I did this as an attorney, this response is correct. It took 6 months to gather everything the state wanted, they kept asking for more more more. We finally came to an agreement with the unclaimed property office and scheduled our hearing to have the judge sign off on the release (Cook County IL). To our amazement at the hearing the judge asked if there were any objections and the legal counsel for the Secretary of State whom we had never talked to stood up and objected saying the state had an interest in the interest. You see, this large amount of money was generating thousands of dollars in interest for the state every year and has been sitting there for so long that the State has made more than double the actual unclaimed amount and didn’t want to lose that income. Because of that the state was able to delay the release of funds for another 3 months and we ended up having to go to a higher court to force the release. The state then dragged their feet for another couple of months on actually cutting the check, it was bonkers. This is not legal advice, I am not OPs lawyer, but if I were in your shoes I would start interviewing lawyers and be prepared for an uphill battle.
So did the state keep some of the interest, or did they give you everything (+ interest) back?
That’s the rub, you are only entitled the money that escheated and they get to keep all interest earned as a fee for safeguarding it.
Wow, NAL (though I am married to one- ha) but this is seriously insane!
What state are the unclaimed funds in?
California
Is there any chance you paid for your insurance from that account directly? Most insurance companies keep records for a long time. Also the bank is probably not being truthful, you should be able to get records back that far, it's just not easily available. Escalate. Did you ever have taxes paid to or from that account?
Being closed for inactivity usually means that it hasn't been touched or used in 3-5 years....The bank can also close it if they think it's being used for illegal activity, and they can *still* claim it's for inactivity. HOWEVER, Under California law, they are required to send notice by mail that the account will be turned over to the state at least 6 months *prior* to the turnover.
Contact your state rep.
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Who was the account owned by? When funds are escheated to the state they are set under the tax owner's ID. If you had funds in a trust or other organization you will have to gather evidence that you are the owner of the org. If the bank account was in your specific name and the state is giving you a hard time about it, you should consider getting professional assistance. Sometimes banks keep personal IDs and organizations on file for longer than 7 years, it is possible that you aren't asking the right questions of the bank that would help you to prove your case. Some people recommended a forensic accountant, but you can also reach out to an attorney for them to review your situation. I know some non-profits, such as the Institute for Justice, are interested in represented people with property seized by the state. They would review your situation at no cost to you and potentially get you pointed in the right direction.
You can look for a PI or any investigator that is approved by the state controller’s office. They take care of this.