AUSTIN (KXAN) — The Texas Comptroller requires institutions, businesses and governmental entities to report unclaimed properties of up to five years, meaning you could cash in.
Some of the types of assets that can be claimed are:
- Dividend, payroll or cashier’s checks
- Stocks, bonds or mutual fund accounts
- Utility deposits and other refunds
- Bank accounts and safe deposit box contents
- Insurance proceeds
- Mineral interest or royalty payments
- Court deposits, trust funds or escrow accounts
- Overpayments on insurance, utilities and other bills
There is no statute of limitations for unclaimed property, meaning that the missing funds will remain with the Texas Comptroller until they are claimed.
Companies will often “escheat” when transferring abandoned funds to the state. This means the company has simply reported those funds and the state holds them until the rightful owner comes and claims them.
To see if you have any unclaimed properties that could net you some cash, Texas Unclaimed Property has a full, free breakdown of everything you’ll need to complete a search.
To make sure your assets don’t become unclaimed property, the state’s unclaimed property department has a few steps you can take to stay organized.
- Keep accurate financial records
- Always open correspondence from financial institutions
- Check on all of your open bank accounts
- Cash or deposit checks as soon as possible
- When you move:
- Contact your financial institutions directly about any change of address; most do not forward mail.
- Update your address with any company with which you have regular business dealings, including those issuing mineral interest and/or dividend checks.
- If you leave a job:
- Confirm that your employer has your current address for any additional payroll or reimbursement checks.
- Make sure you have information on how to collect any benefits or future pension payments.
- Keep a current list of bank accounts investments, insurance policies, safe deposit boxes, oil and gas royalties and other assets.
- List all of your assets in your estate
- Make sure your beneficiary information is up to date, including insurance policies.
To complete a search, fill out this form on the Texas Unclaimed Property website.