You may be due unclaimed money that you didn’t know about, that’s why the Texas unclaimed property portal has been established to help owners get what rightly belongs to them.
Most people do not realize they’re due money and/or assets in unclaimed properties deemed abandoned which ends up being reported to the Texas unclaimed property division of the Texas Comptroller.
If you’re looking to know whether you’re due money and other assets in unclaimed properties in Texas and how to make a claim, this article is all you need. Read further to know more.
Texas unclaimed property
The Texas Property Code requires governmental institutions and businesses to report and surrender to the state, all unclaimed or abandoned private properties after a given period.
The Texas unclaimed property rule excludes real estates and vehicles. Unclaimed properties fall under two main categories.
1. Unclaimed money Texas
- Funds in bank accounts
- mineral interest or royalty payments
- overpayments on insurance, utilities and other bills
- utility deposits and other refunds
- insurance proceeds
- court deposits,
- trust funds or escrow accounts
- dividend, payroll or cashier’s checks
2. Unclaimed assets Texas
- contents of a safe deposit box
- stocks, bonds or mutual fund accounts
What is unclaimed property?
According to the Texas unclaimed property law, an unclaimed property refers to tangible and intangible properties presumed to be abandoned by the rightful owner after a specified period of time depending on the nature of the property, when:
- the existence and location of the person is not known to the holder of the property and
- to the best of the holders’ knowledge and records, a claim to the property has not been asserted or an act of ownership has not been exercised.
The law requires reports of all abandoned properties be carried out by the business or governmental entity that’s holding it. The period after which an unclaimed property is presumed abandoned, according to the Texas Unclaimed property law is dependent on the nature of that property.
In addition to the aforementioned conditions, the following period requirements apply before a property is deemed abandoned.
- Wages –Â 1 year
- Personal property – 3 years.
- Utility Deposits – 1 year, 2 years for people in active military service upon prior notice to holder
- A money order – 3 years
- traveler’s check – 15 years
- Shares Of Mutual Fund – 3 years
There’s no statute of limitations regarding Texas Unclaimed property. This means unclaimed funds reported, will remain in possession of the state perpetually until such a time that it is returned to the rightful owner through a claim.
Claim your unclaimed money Texas for free
Claiming your unclaimed funds that has been reported abandoned is free and can be done conveniently from your home. The process involves five main steps that can be performed online.
1. Claim it Texas
Begin the claim process by visiting the Claim it Texas dedicated website for filing a claim. (https://claimittexas.org). It is the online portal of the division at the Texas comptroller’s office responsible for claims regarding Texas Unclaimed properties.
2. Search for your unclaimed properties
Next step on filing a claim for any unclaimed money or assets in Texas, is to use the property search form. Enter your last and first name, and if it’s a business, enter the business name.
You can narrow down your search by entering additional details like city and property ID if you know.
After the entry, click the search button just below the search form. A number of qualifying results will be displayed in the results page. Scroll through the results to find your unclaimed money or asset.
3. Find and add Texas unclaimed property
After locating your Texas unclaimed property in the results page that you want to claim, click on the CLAIMÂ button beside the result to add it to the properties you want to claim. Do same for other properties in the results you want to claim.
Once you’re done adding the properties you want to claim, click CONTINUE TO FILE CLAIM at the top of the page which appears in red to start the process.
4. Start the claim process
Before starting the filing process, make sure to scrutinize all the properties information to ensure you are the rightful owner. If you’re sure, click the FILE CLAIM button on the page.
Next, you have to complete the claim form. Enter your current mailing address where the funds will be mailed to after the successful claim. For easy correspondence with the claims division for a quicker process, provide your current email address.
Next, select the right relationship to owner against each property you’re claiming in order to let the claims division know what documents will be required for the final verification process.
In the Next screen, you will be asked to confirm your address. review and confirm that the address is right before proceeding. You don’t want your check to be sent to the wrong address.
The final step is to agree to the certification that, under the penalty of perjury, all the information provided are right and that upon payment, you indemnify the state of Texas and it’s agents under the Texas Unclaimed property statutes.
The final step is to enter your name in the box below the certification notice and then click the SUBMIT button.
5. Complete the claim of Texas Unclaimed property
Following a claim submission, a confirmation email will be sent to you which will contain a claim form. The email will also inform you of any additional documents required to complete the claim.
At a minimum, you’re required to submit a signed claim form and photo identification through the document submission portal on https://claimittexas.org/app/claim-doc-upload. Other required documents can be submitted from the same page.
Alternatively, you can mail the documents to the Texas Unclaimed property division via the following address:
Comptroller of Public Accounts
Unclaimed Property Claims Section
P.O. Box 12046
Austin, TX 78711-2046
Follow the progress of your claim
Finally, you can follow the progress of your claim with your claim ID. This can be done from the STATUS PAGE accessible at https://claimittexas.org/app/claim-status-search. If your claim is successful, expect your check to be sent to your address.
Conclusion
The Texas Comptroller office through the Texas unclaimed property division keeps all reported abandoned funds and assets perpetually until the right owners make a claim. You may be due funds you probably didn’t expect or if you’re the estate of a deceased resident or former resident of Texas, you can check and make a claim for unclaimed properties.
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