It may surprise you to learn that the Lone Star State is brimming with money that is simply left unclaimed by the people who are entitled to it. In fact, of the twenty-five million people currently residing in Texas, approximately 6 million of those people show up on the Texas unclaimed money list, meaning that more than $2 billion is simply floating around – waiting to be accessed.
The numbers suggest that around one in four Texans have unclaimed money waiting for them, but very few people are actually looking for the cash that they could be owed. Perhaps the first thing to address when considering this issue, is what "unclaimed money" actually is.
Defining Unclaimed Money, or Property:
Unclaimed property is any financial asset or money that the owner has abandoned for one or more years. Of course, this definition in itself may not make a lot of sense, as many people would ask themselves why anyone would abandon their own money to the state. However, the truth is that the people on the Texas unclaimed money list aren't there intentionally.
For instance, the unclaimed money we refer to in this article can include a number of things – such as:
- Dividend, cashier, or payroll checks
- Mutual fund accounts, stocks or bonds
- Refunds or utility deposits
- Proceeds from insurance
- Safety deposit box contents and bank accounts
- Royalty payments and mineral interest
- Trust funds, court deposits and escrow accounts
Understanding the Texas Unclaimed Money List:
The way that this unclaimed money works is different depending on where the cash comes from. For instance, for refunds and utility deposits, if you moved into an apartment or house and needed to get the electricity transferred into your name, the company you are with may have asked for a deposit before your service could begin. You may use those services for a number of years before deciding to move out, and by that time chances are that you have long forgotten about your utility deposit. If you do move out and the company doesn't have a forwarding address for you, they will have to turn your deposit over to the state.
Fortunately, there is technically no deadline for individuals looking to claim unclaimed funds in Texas. In fact, even if the owner of the particular funds in question passes away, his or her heir can legally claim the assets that a particular individual has left behind. However, it's worth noting that abandoned items can pile up quite quickly, and the state only has so much space within which to store these items.
Checking If You're on the List:
With so many people in Texas with potential claims to money or assets that they don't even know about, it's easy to see why the state may need some help reaching out to those people who have failed to claim the money they deserve. If you yourself have lived or worked in Texas, then it may be useful for you to do a quick check online to find out if there is some money owed to you.