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Charles Schwab
California, which gains $400 million in unclaimed assets a year, urged to find owners

The state has a reduced incentive to track down the owners of unclaimed bank accounts, insurance policies and other financial valuables because those assets provide $400 million in annual revenue for the state budget, according to the nonpartisan Legislative Analyst's Office. The current policy has "created tension" between the state's efforts to return the unclaimed property and financial benefit it receives from those lost or abandoned assets, the analyst's report found. The proceeds from unclaimed property have become the fifth-largest revenue source for the state's general fund budget. Since the 1950s, the state has taken over 28.4 million unclaimed...

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