Texas Unclaimed Money

Texas state comptroller has almost two billion dollars in unclaimed assets to give away to the state’s residents. Although the Lone Star State has fared a little better than other states during these lean times of high oil prices and sub-prime mortgage crash, I’m sure residents can find some use for extra funds. The truth is, most of the two hundred thousand residents owed Texas unclaimed funds aren’t even aware they’re missing money. In an October 17 KTRE report, around 130, 000 names will be released on an annual list of people owed Texas unclaimed money. “Many family budgets are tight and most folks could use some extra cash right now,” says Treasurer Susan Combs. “Everyone on the Unclaimed Property List has at least $250 they can claim.”
 
People tend to forget about collecting salary or insurance checks when they find new jobs and relocate in a hurry. They also forget to leave behind forwarding addresses after they relocate which is one of the primary causes for lost checks. When business and financial establishments can’t find the rightful owners of these abandoned financial assets for five years (in Texas), they are handed over to the state as dictated by Texas Unclaimed Funds Law which follows the country’s escheat laws. The unclaimed property stay with the Texas state Comptroller’s office until their owners come to claim them.
 
Unclaimed money in Texas covers anything from forgotten bank accounts, unclaimed tax refunds, savings accounts, stock and cash dividends, uncollected insurance benefits and money orders to gift certificates, un-cashed checks and contents of safety deposit boxes that are considered abandoned by their owners. The latter is the only example of tangible assets under the Texas Unclaimed Funds Law and and they are sold off on eBay after 2 years of being turned over to the State Comptroller. So if you are looking for antiques or family heirlooms that your Texan relatives may have lost track of over the years, your best bet is to look soon or risk allowing them to show up on eBay. The earnings from the online auctions are handed back to the Texas unclaimed property fund where they still can be reclaimed by their rightful owners at any time.
 

In times like these, this is good news indeed for people living in the Lone Star State. But don’t think that the TX Comptroller shows up at your front door and to hand your lost assets to you. Unless you don’t have an immediate need for extra cash in your pocket, you should start searching for unclaimed money in Texas or other states now!
 

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