Do You Have Unclaimed Property?
You might have some cash that you didn't know about! The Texas Unclaimed Property Program can help you to find out.What is unclaimed property? The Texas unclaimed property law requires financial institutions, businesses and governmental entities to report to the state any personal property they are holding that has been abandoned or unclaimed for between one and five years, depending on the type of property in question.
Unclaimed property can come from: dividend, payroll or cashier's checks; stocks, mutual fund accounts or bonds; utility deposits and other refunds; bank accounts and safety deposit box contents; insurance proceeds; mineral interest or royalty payments; court deposits, trust funds or escrow accounts; and over payments on insurance, utility and other bills.
Currently, there are about $4 billion in the unclaimed property program. Comptroller Susan Combs has returned more than $1 billion in unclaimed property to their owners since taking office in 2007. In the 52 years since the program's inception, the Comptroller's office has returned approximately $900.8 million to deserving Texans.
In fiscal 2014, the Comptroller’s office returned more than $222 million to their rightful owners. The average claim is for more than $1,000. An estimated one out of every four Texans has unclaimed property awaiting them. In some cases, property can be considered abandoned and reported to the state after only one year.
The Texas Unclaimed Property Division originated in 1962; the online searchable database was created in December 1996. During the past six years, Unclaimed Property Outreach has generated more than $100 million in claims by helping Texans search for their names on ClaimItTexas.org at special events and other outreach activities. Texas law has no statute of limitations on unclaimed property; it always belongs to its owners or their legal heirs. Businesses also may search for unclaimed property at ClaimItTexas.org.
It takes about one minute to learn whether unclaimed property is listed in the database and only a few minutes to file a claim. The unclaimed property database is updated daily. Searches should be made at least once a year. Remember: unclaimed property can surface at any time.
The Comptroller's office will process original owner claims in 60 to 90 days after receipt, if no additional information is needed. If not all required documentation is available, signed claims may still be approved with limited documentation.
Texans who have lived in other states can search www.missingmoney.com for unclaimed property there. The largest claim ever paid by the state of Texas was nearly $4.3 million to a Dallas resident in 1996. Texans without Internet access can use computers at local libraries to search their names at ClaimItTexas.org or call 1-800-654-FIND (3463).
Visit ClaimItTexas.org today and “Come and Get It!”