(Part 1 of 2)
They say that everything comes bigger in the Texas- the longhorned bovines, cowboy boots, prairies, steaks, cars, and even piles of money. TX unclaimed property that is. TX state comptroller Carole Keeton Strayhorn holds nearly $2 billion in unclaimed cash to give away to the state's residents. Well, it's not so much giving away as returning money since the forgotten cash was already theirs to begin with. Funny thing is that most of the 200,000 people owed TX unclaimed properties don't even realize they have money owed to them.
People tend to forget to collect salary or insurance checks when they get new jobs or relocate. They also often forget to leave a forwarding address after they relocate and this is one of the main reasons for missing checks. When businesses and financial establishments cannot locate the rightful owners of these lost financial assets for five years (in TX), they are handed over to the state as dictated by TX Unclaimed Money Law which follows the country's escheat laws. The unclaimed funds sit in the TX state Comptroller's office until the rightful owners come to take them back.
Unclaimed money in TX covers anything from forgotten bank accounts, savings accounts, stock and cash dividends, uncollected insurance benefits and money orders to gift certificates, un-cashed checks and contents of safety deposit boxes which are considered abandoned by their owners. The latter is the sole example of tangible assets under the TX Unclaimed Money Law and and they're auctioned off on eBay after 2 years of being turned over to the State Comptroller. So if you're looking for antiques or family heirlooms that your Texan relatives may have lost track of over the years, it's best to search soon or risk allowing them to show up on eBay.
Texas unclaimed funds division manager George Tamayo states "From our experience, we determined we were getting the most bang for our buck on eBay." and goes on to say "It's more cost-effective, because we are able to do the auctions ourselves." Texas was one of the first to use the internet auction site in early 2002, switching from the traditional method of disposing of the abandoned properties through live auctions. According to Jackie Schroeter, safe deposit box manager for TX, posting on online auctions saves her office a lot of time and effort. With the live auctions, the office of Unclaimed Property would've had to shut down to organize them, due to lack in manpower. It only takes a handful of clicks of your mouse now.
(to be continued)
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(Part 2 of 2)
George Tamayo, manager of the unclaimed funds division in Texas states "From our experience, we determined we were getting the most bang for our buck on eBay." to which he adds "It's more cost-effective, because we are able to do the auctions ourselves." TX was one of the first to make use of the online auction site early in 2002, changing from the old method of disposing of the abandoned property through live physical auctions. According to Jackie Schroeter, safe deposit box manager for Texas, posting on online auctions saves her office time and effort. With the live physical auctions, the office of Unclaimed Property would have had to close down to organize them, due to lack in manpower. It just takes a couple of clicks of your mouse now.
The earnings from these auctions go back to the Texas unclaimed money fund where they still can be reclaimed by their rightful owners at any time. "The Unclaimed Property List contains the names of Texans with property valued at $100 or more that was reported to the state within the last year.", says Texas Comptroller Carole Keeton Strayhorn who added in a recent report, "Since I took office, I have returned more than $532 million in unclaimed property to its original owners,"
This is good news indeed for residents of the Lone Star State, but don't expect that the Comptroller show up at your front door and hand your unclaimed funds to you. Unless you don't have an immediate need for extra cash in your pocket, you should start searching for unclaimed money in Texas or other states now!
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(Part 1 of 2)
People say everything is bigger in the Texas- the longhorned bovines, cowboy boots, prairies, steaks, cars, and piles of money. Texas unclaimed money that is. Texas comptroller Carole Keeton Strayhorn has almost $2 billion in unclaimed assets to give away to her state's residents. Well, it isn't so much giving away as giving back since the lost cash was theirs to begin with. The funny part is that most of the two hundred thousand residents owed Texas unclaimed funds don't even realize they have money headed their way.
People often forget to collect insurance checks or salary when they get new jobs or move to a new home. They also often forget to leave forwarding addresses after they relocate which is one of the main reasons for lost checks. When businesses and financial institutions cannot find the owners of these missing financial assets for 5 years (in Texas), they're turned over to the state as dictated by Texas Unclaimed Funds Law which follows the country's escheat laws. The unclaimed property sit in the Texas state Comptroller's office until the rightful owners step forward to claim them.
Unclaimed property in Texas covers anything from forgotten bank accounts, savings accounts, stock and cash dividends, uncollected insurance benefits and money orders to gift certificates, un-cashed checks and contents of safety deposit boxes that are determined to be abandoned by their owners. The latter is the only example of tangible assets covered under the Texas Unclaimed Funds Law and and they are sold off on eBay after two years of being turned over to the State Comptroller's office. So if you are looking for family heirlooms or antiques that your Texan relatives might have forgotten about at some point, it's best to look soon or risk allowing them to show up on eBay.
(to be continued)
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(Part 2 of 2)
Unclaimed property in Texas covers anything from forgotten bank accounts, savings accounts, stock and cash dividends, uncollected insurance benefits and money orders to gift certificates, un-cashed checks and contents of safety deposit boxes which are determined to be abandoned by their owners. The latter is the sole example of tangible assets covered under the Texas Unclaimed Property Law and and they are sold off on eBay after two years of being being held by the State Comptroller's office. So if you're looking for family heirlooms or antiques that your Texan relatives may have lost track of over the years, your best bet is to search soon or risk allowing them to show up on eBay.
Texas unclaimed funds division manager George Tamayo says "From our experience, we determined we were getting the most bang for our buck on eBay." to which he adds "It's more cost-effective, because we are able to do the auctions ourselves." His state was one of the earliest to use the online auction web site early in 2002, changing from the old method of selling off abandoned property through live physical auctions. According to Jackie Schroeter, manager of safe deposit boxes in Texas, selling items on eBay saves her office a lot of time and effort. With the live physical auctions, the Unclaimed Property office would've had to close down to coordinate them, due to lack in manpower. It just takes a couple of clicks of your mouse now.
The proceeds from the online auctions are returned to the Texas unclaimed property fund where they still can be claimed by the rightful owners at any time. "The Unclaimed Property List contains the names of Texans with property valued at $100 or more that was reported to the state within the last year.", says Texas Comptroller Carole Keeton Strayhorn who went on to say in a recent report, "Since I took office, I have returned more than $532 million in unclaimed property to its original owners,"
This is good news indeed for people living in the Lone Star State, but don't expect that the State Comptroller show up at your front door and hand deliver your lost assets to you. Unless you don't have an immediate need for extra bucks in your hands, you should start your search for unclaimed property in Texas or other states now!
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(Part 1 of 2)
People say everything is bigger in the Texas- the cowboy boots, longhorned bovines, steaks, cars, prairies, and piles of money. Texas unclaimed property that is. Texas comptroller Carole Keeton Strayhorn holds nearly $2 billion in unclaimed assets to give away to the state's residents. Well, it isn't so much giving away as giving back since the lost cash was theirs to begin with. Funny thing is most of the two hundred thousand people owed Texas unclaimed monies don't even realize they have funds coming to them.
People often forget about collecting salary or insurance checks when they get new jobs or move to a new house. They also forget to leave a forwarding address after they relocate and this is one of the main causes for lost checks. When business and financial establishments cannot track down the owners of these lost financial assets for 5 years (in Texas), they're turned over to the state as dictated by Texas Unclaimed Property Law which follows the country's escheat laws. The unclaimed funds stay with the Texas state Comptroller's office until the rightful owners step forward to claim them.
(to be continued)
–
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