Texas requires that every institution, business, and government body report to the state any property that has been inactive for 5 years or more. More than $3 billion worth of unclaimed property in Texas has been returned to its owners.
This article will go over different examples of unclaimed property, and the best ways to search for them.
Examples Of Unclaimed Property
Take a look below to see some of the most common forms of unclaimed property:
- Payroll or cashier’s checks
- Bank accounts
- Safe deposit boxes
- Insurance company proceeds
- Overpayments on utility bills
- Court deposits
- Trust funds
Important Reminders
Unclaimed property does not include real estate or vehicles.
There is no statute of limitations in finding unclaimed property in Texas. Meaning that any unclaimed property remains until it is returned to its rightful owner.
To Begin Your Search For Unclaimed Property
Go online to ClaimItTexas.org. Then type in your last or business name, followed by your first name.
If you receive too many results, try to narrow the search by typing in the name of the city or town. Remember that many people share the same names, so be sure to include any initials or former names you might have to avoid confusion with someone else.
Check The Status Of Your Unclaimed Property
Once you find an unclaimed property and file a claim, you can keep monitoring the status of your claim at ClaimItTexas.org.
What Is Escheatment?
If a company uses the term escheatment, it means they have transferred abandoned funds or property to the state. The state holds the property until someone can prove they are the rightful owner.
Working With Private Companies
To help you find unclaimed property or funds is not required. You are encouraged to work directly with the state of Texas. There is no fee.
Any private asset recovery companies must be licensed by the Texas Department of Public Safety, Private Security Bureau.
Prevent Your Assets From Becoming Unclaimed Property
By keeping accurate financial records, you can stay organized and up to date on all your transactions.
Always open letters or other notifications from your bank. They may have important updates on your account. If you move, be sure to update your contact information with your bank or other financial company. If you leave a job, confirm that your employer has all of your updated contact information. They may have more paychecks or other reimbursements for you.
