A state agency that runs a program to return unclaimed property to forgetful owners has paid out $300 million over the past fiscal year, according to Texas Comptroller Glenn Hegar.
The $300 million in unclaimed property returned in fiscal 2020 includes forgotten utility deposits or other refunds, insurance proceeds, payroll checks, cashier’s checks, dividends, mineral royalties, dormant bank accounts, and abandoned safe-deposit box contents. Businesses generally turn property over to the unclaimed property program after it has been considered dormant for one to five years.
The Texas Comptroller’s Office has run the program since 1962 and returned more than $3 billion in unclaimed property to rightful owners since that time. The state is currently holding more than $5 billion in cash and other valuables through the program.
This fiscal year is the second time the Comptroller’s office has returned more than $300 million in unclaimed property. In fiscal 2019, the Comptroller’s office returned a record $308 million to rightful property owners.
“The $300 million represents more than 777,000 properties returned to their rightful owners,” Glenn Hegar said in a press release. “It’s a testament to the hard-working folks in our Unclaimed Property Division who are performing with distinction despite the challenges presented by the COVID-19 pandemic. I encourage all Texans to visit ClaimItTexas.org to see if the state is holding some of their unclaimed property.”
There is generally no statute of limitations for unclaimed property the state holds, which means there’s no time limit for owners to file a claim — they can do so at any time.
