Texas Unclaimed Property Facts

Unclaimed property is exactly that, property that has been left behind by the owner. NUAPA is the association that handles most states unclaimed property. Unclaimed property can result from many different things. Any financial institution or company that has no contact or activity from or by the owner will result in unclaimed property. You may have had a checking account or savings account at one point and time, and moved or just forgot about it, this will sit with no activity or contact for the sum period of one year, then this would be considered unclaimed property. You might have quit your job, and forgot or didnít realize that you were still owed a check. After one year with no contact, this would also become unclaimed property. Something as simple as a utility refund, could become unclaimed property, if you have had no contact or activity with the company, that owes you the refund. Un-cashed money orders, travelers checks, and life insurance policies, may all become unclaimed property. Each state has an unclaimed property statue that protects the consumers funds from being reverted back into the company that they came from. These unclaimed property funds are issued to a state official, who will attempt to find the consumer, in order to return the funds to the rightful owner. Many times the state official will run ads in the newspaper as an attempt to find the owner. If you are found to be the owner, the state will return the funds minus a small handling fee. If you are not found this money is usually held until you are found. Safe deposit boxes that have been left behind, are also forms of unclaimed property, but most of the time these things are auctioned off instead of held for the rightful owner. There are many ways to search for unclaimed property, free of charge online. You will need to provide proof of identity and pay the small handling fee, and you may then request your money. It is a very good idea to do a search, at least once a year. You never know when you might be owed unclaimed property. Some people actually make a living out of finding unclaimed property, and then contact the owners and charge an unnecessary fee. If you run a free search once a year, you will know if you are owed unclaimed property or not.Unca

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