How long does the state of Texas have to hold unclaimed property or money?
The state of Texas is currently holding more than $7 billion in unclaimed property, according to the Texas Comptroller of Public Accounts.
Last year the Texas Comptroller’s office approved and paid out a record $309 million in unclaimed property which was the third time the office returned $300 million or more in a fiscal year.
Businesses turn property over to the unclaimed property program after it has been considered dormant for one to five years. Texans can find out if they have any unclaimed property by visiting the Comptroller’s unclaimed property website at ClaimItTexas.gov or calling 800-321-2274 (CASH). Searching for your name on the website is free.
What is most commonly left unclaimed in Texas?
- Forgotten utility deposits or other refunds
- Insurance proceeds
- Payroll checks
- Cashier’s checks
- Dividends
- Mineral royalties
- Dormant bank accounts
- Abandoned safe-deposit box contents
The Texas Comptroller’s approved and paid out $309M in 2022
The Texas Comptroller’s office approved and paid out a record $309 million in unclaimed property during fiscal year 2022, Comptroller Glenn Hegar announced in September, representing more than 160,000 claims. This was only the third time the office has returned $300 million or more in unclaimed property for a fiscal year. In fiscal 2019, the office returned a then-record $308 million to property owners and in fiscal 2020 $300 million.
Texas House Bill 1514 in 2021 allowed the office to implement a new way to quickly return unclaimed property to owners — sending them a check without requiring them to file a claim. It’s limited to unclaimed properties under $5,000 that the agency “reasonably believes” it can link to the correct owner.
Since Texas’ unclaimed property program began in 1962, the office has returned more than $4 billion in unclaimed property to its owners. There is no statute of limitations for unclaimed property the state holds, so there’s no time limit for owners to file a claim — they can do so at any time.
How do I prevent unclaimed property?
The Texas Comptroller’s Office has the following tips to prevent your assets from turning into unclaimed property.
- 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
- Keep financial institutions updated on your current change of address
- Keep your employer updated on your current address while employed and when leaving a job
- List all assets in your estate
- Keep your beneficiary and insurance policy information up to date
This story was originally published April 24, 2023 at 2:20 PM.
