1 in 4 Texans has unclaimed property
Citizens Have Opportunity to Claim Property
by State Representative Ken Paxton
One in four Texans has unclaimed property, and Texas is currently holding more than $2 billion in cash and assets that need to be returned to the rightful owners. Unclaimed property can be any financial asset that appears to have been abandoned by the owner for three years or more and includes items such as uncashed dividends, payroll checks, cashier’s checks, stocks, mutual fund accounts, bonds, utility deposits and other refunds, bank accounts and safe deposit box contents.
Texas Comptroller Susan Combs recently announced a record $147 million in unclaimed property for fiscal year 2009. This amount represents a 19 percent increase from last fiscal year.
The unclaimed property law, which originally passed in 1961, requires financial institutions, businesses and government entities to report to the state personal property they are holding that is considered abandoned or unclaimed. The Texas Comptroller of Public Accounts is responsible for administering the Texas Unclaimed Property Program. Property is turned over to the Comptroller’s office annually when the owner’s whereabouts are unknown and the property has been inactive on the books of the reporting company between three and five years. The state acts only as custodian for the missing owners, holding the property in trust until it is claimed. Texas never takes legal ownership of the property, so there is no time limit for filing a claim.
The Unclaimed Property List may be viewed at http://www.window.state.tx.us/up/. This website allows users to search for property under an individual’s name or business’s name. Additionally, the online database includes unclaimed property owners who have less than $100 in unclaimed property - names which were not published in the newspaper list.
If your name appears on the list or if you have questions regarding unclaimed property in Texas, there are a number of ways to contact the Comptroller’s Unclaimed Property Division. One way, as mentioned above, is the Unclaimed Property website. You can also call 1 (800) 654-FIND (3463). You may write to Texas Comptroller of Public Accounts, Unclaimed PropertyResearch and Correspondence Section, Post Office Box 12019, Austin, Texas 78711-2019. Finally, the Unclaimed Property Division can be reached by email at unclaimed.property@cpa.state.tx.us.
If you prefer to call or write, you will need to provide the property owner’s name, all previous and current Texas addresses, a taxpayer identification number or social security number and a current mailing address for claim purposes. If a search of the database results in any matches between the information you provide and data reported, possible ownership is indicated, and the Comptroller’s Office will mail a claim form to you.