Apple Inc. and almost every other major consumer electronics company are sued on a regular basis. If there’s ever a good reason to register your purchases, it’s those lawsuits. When companies like Apple are sued and you’ve registered the product they’re sued over, you may be eligible for some kind of payout and in fact, they’ll just send your cut to you without you having to do anything. But here’s the problem. You’ve probably moved since that purchase and you didn’t update your mailing address and your forwarding address has long expired.
What happens to your cut then?
If you live in the USA, it gets sent to your state controller. This doesn’t just happen with lawsuits and payouts. This happens when you have any amount of money in any account. Those .15 cents you didn’t care to cash out when you closed that bank account online. Those $40 rebates from Comcast and that $29.98 check Microsoft tried to send you for your mail-in rebate from 2002. Even mineral rights for loved-ones and life insurance you didn’t know your great-grandpa had. It’s all being held by the state controller.
So how do you get your cut?
They aren’t searching you out. You have to search it out. I wrote a blog post describing that, complete with links, here: Unclaimed Property.
The reactions I got from that post varied greatly with mostly skepticism. So I decided to write a blog post after I got my money and what I did with it.
I had 3 outstanding claims of which I have received 2 checks totaling $399. As soon as I got the checks, I deposited them and the next day I went down to the Apple Store and used that Apple money and bought myself a 42mm Black Apple Watch, sport edition. It feels good to buy Apple products with money Apple ows you. I have no idea the reason they owed it to me and I assume it had to do with some lawsuit about the early iPod that I bought, but I really don’t have a clue. But I’m happy to use it on their products.
The proof is in the pictures, right? Well here’s my proof.
And here’s my watch on my wrist.
So tell me. Have you found any money held by the state controller? If so, what do you plan to do with it?