Dormant Assets, Explained Simply

Dormant assets are funds that belong to a person or business but haven’t been touched or claimed for an extended period of time. This can include uncashed checks, refunds, bank accounts, insurance proceeds, vendor payments, escrow balances, and other financial property that was never delivered to its rightful owner. When a business or financial institution can’t reach the owner and no activity occurs after a set period of time, the asset becomes “dormant.”

Why the State Controller’s Office (SCO) Holds These Funds

Under California law, banks, insurers, and companies must transfer dormant assets to the State Controller’s Office (SCO) for safekeeping after a set period of time. The SCO does not take ownership — it simply protects the funds and keeps them available for the rightful owner to claim at any time. This ensures that money never disappears, never expires, and never becomes state property.

How Alta California Capital Assists Our Clients

Many individuals and businesses have dormant assets they don’t even know exist — and most have no idea how to claim them. We make what may be considered a tedious process simple by working directly with the California State Controller’s Office (SCO) to file, track, and monitor your claim from start to finish, ensuring you receive the funds that belong to you. We handle the paperwork, communication, and verification with the SCO all the way from the initiation of the claim up until your check has been successfully received via mail.