Let’s find out, what is Texas Unclaimed Money?
What is Texas Unclaimed Money
Texas unclaimed money is the funds of an owner who has not declared or exercised their right of ownership over until the prescribed time expires. If assets are left unclaimed for longer than one year, Texas’ Uniform Unclaimed Property Act requires the financial institution to transfer control of the funds to the state government or other agency designated as the holders. The entity responsible for storing Texas unclaimed funds is called the Unclaimed Property Division of the Texas Comptroller’s Office. The process of transferring money to the State government can also be referred to as the escheatment.
The Texas Unclaimed Property Division is the temporary custodian of property that is not claimed in Texas which includes tangible and intangible assets like money and equivalents to cash. The division holds the assets until a legitimate claimant files an application. If this occurs the division will transfer the funds that are not claimed to the rightful owner together with the interest earned during the period of escheatment.
How do I find unclaimed Cash for Free in Texas?
In addition to the Division of Unclaimed Property, other federal agencies also maintain a variety of database systems that Texas residents can access to locate unclaimed funds for no cost, from back earnings to tax refunds from the federal government.
Unclaimed Texas Tax Refunds
Businesses and individuals who earn their income in Texas are required to pay state tax. Certain expenses and purchases are tax-deductible. The process of paying all taxes requires an in-depth review of your personal financial situation and expenditures, and it’s common for taxpayers to pay more than they should. In these instances it is the Texas Comptroller of Public Accounts will reimburse the difference. It is not uncommon for tax refunds to be unclaimed due to a variety of reasons. Taxpayers and their relatives of taxpayers from Texas can check and file tax refunds that are not claimed by following the instructions and submitting the required documents to support them.
Lyndon B. Johnson State Office Building111 East 17th Street
P.O. Box 13528, Capitol Station
Austin, TX 78711-3528
Salary and back wages that are not paid
The Department of Labor’s Division of Wages and Hours Division investigates cases of wage exploitation and nonpayment. The division uses administrative and civil actions to force employers who are in breach to pay the correct amount. The federal agency informs the affected employee and reimburses those who file a claim. But, the money usually is not claimed. Employees who are interested can find the unclaimed back wages and salary in the unclaimed money database. You can also call the department by dialing (866) 487-9243 or go to their regional office located in Texas.
Pensions that are not paid
The Pension Benefit Guaranty Corporation (PBGC) offers an Self-Help Guide for retired workers who worked within the public sector. Users can locate their pensions that have not been claimed in 401k accounts as well as other private pension plans. The company’s database of unclaimed pensions is also a useful source for locating and claiming unpaid pensions.
Pension Benefit Guaranty Corporation
1200 K Street, NW
Washington, DC 20005-4026
Phone: (800) 326-5678
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