December 17, 2006 |
Retailers sometimes earn millions of dollars when shoppers fail to cash in the full amount of their gift cards. But not always. States vary in their rules for handling unredeemed gift cards. In some areas, never-cashed-in gift cards are considered unclaimed property and their cash value must be turned over to the state. But in states like California that prohibit expiration dates on gift cards, retailers are allowed -- after several years -- to record leftover balances as revenue.
October 18, 2009 |
Nearly 70 years ago, the federal government began issuing hundreds of billions of dollars in savings bonds to finance the greatest war effort in the nation's history, with President Franklin D. Roosevelt buying the very first one. But the bonds came with a catch: They wouldn't be paid off for 40 years. As the decades passed after World War II, $16.7 billion worth of bond certificates were either forgotten in dusty attics or thrown out in the trash. That treasure has remained unclaimed, but a lawsuit could change that.
CALIFORNIA | LOCAL
March 18, 1999 |
Leaving the Van Gogh exhibit, Jerry Clark of Glendale paused to ask one of the workers at the L.A. County Museum of Art what artist would be the subject of the next show. "Uh, uh, Pico Rivera," the worker said. Luckily another worker was nearby and interjected, "Diego Rivera." So Clark got the true picture. * DINING GUIDE FOR THE ADVENTUROUS: On this week's menu (see accompanying), Bill Hughes found "a great deal for that big eater in the family."
March 17, 1988 |
A Superior Court judge Wednesday gave state Controller Gray Davis permission to start the enormous task of "reuniting" Bank of America depositors with $47 million in cash the bank took from their dormant accounts. The action of Judge A. Richard Backus appeared to knock down the final barrier to resolution of the contentious 13-year-long fight between the state controller's office and the bank.
August 15, 1999 |
As much as $260 million in property held by the state of California is virtually impossible for the rightful owners to reclaim because their names have not been recorded, a Los Angeles Times investigation has found.
February 27, 1988 |
The state of California and Bank of America have reached a "historic and unique" $27.6-million settlement in their 13-year fight over the bank's former practice of wiping out dormant customer accounts and failing to pay interest on the deposits, The Times learned Friday. In the settlement, the bank agreed to pay the state $21.1 million in cash and turn over for the benefit of the public $6.
May 20, 1999 |
Ladies and gentlemen, check your safe-deposit boxes. And hurry. The California controller's office will hold its annual auction of "abandoned" property from safe-deposit boxes throughout the state May 27-28 at Hotel Sofitel in Los Angeles. Many other states will hold similar auctions in the coming months.
May 16, 1994 |
You know how it is: Things get hectic and pretty soon you've forgotten about that $50,000 in the bank. For those of you who lose your keys or forget where you park, take solace: About 100,000 Orange Countians have forgotten or abandoned savings accounts and property worth a combined $30 million, according to the State Controller's Office. In their owners' absence, every nickel has been turned over to State Controller Gray Davis for safekeeping. Or so the controller swears.
May 28, 1999 |
California State Controller Kathleen Connell will ask the Legislature's permission to spend more money to search for the owners of unclaimed property after The Times, on the eve of a huge state auction of supposedly abandoned safe deposit box contents, was able to quickly locate people the banks didn't find.
May 27, 1999 |
Rare coins, jewelry and keepsakes taken from safe deposit boxes of about 2,000 "lost" Californians will be auctioned today and Friday, but a random check by The Times has raised questions about the adequacy of efforts to find the owners. In a 24-hour period immediately before the massive sale, The Times was able to find and contact one-quarter of the owners of so-called abandoned property from a sample list of 24 individuals supplied by the state controller's office.