Unclaimed paychecks also known as unpaid wages refer to the financial assets that were not received by the employee from his/her employer. There are various reasons why wages become unclaimed.
Texas unclaimed property is an asset or fund without an active owner or proprietor. The rightful owner abandoned their financial assets over a long period and was categorized as unclaimed.
Unclaimed properties were being held by the local state government. The government has the right to handle unclaimed properties also known as escheatment.
This process will be done after the dormancy period of the asset. The dormancy period refers to the time allotment for the owners to claim their assets or funds.
The dormancy period starts when a holder reports an unclaimed property and will last if the government approves the property to be unclaimed. Each asset has its respective dormancy period depending on the local state.
In Texas, the dormancy period of financial assets or funds lasts from one to fifteen years. The Texas Comptroller of Public Accounts is in charge of the state’s unclaimed property.
The executive branch is in charge of everything from reporting unclaimed property to reclaiming it. The rules and regulations governing unclaimed property in Texas are discussed in Title 6 of the Texas Property Code.
Holders are the businesses, companies, or financial institutions that owe a property to an individual. They are the ones who report the property that is being unclaimed.
Holders can be insurance companies, oil and gas companies, security brokers, local government entities, utility providers, institutions of higher education, mortgage and title companies, or any business that owes money from an individual.
There are different unclaimed properties in Texas, here are some of the most common:
As each local state of the United States has its own rules and regulations for unclaimed properties, there are also different dormancy periods. Financial assets in Texas have a dormancy period ranging from one year to fifteen years.
The length of dormancy varies depending on the type of unclaimed property. Each unclaimed property in Texas has a dormancy period that can be found below.
For unclaimed properties under Financial Institutions with 3 years of dormancy period:
With 5 years of dormancy period:
For unclaimed properties under General Business, Intangible Personal Property, and Miscellaneous Checks:
With 1 year of dormancy period:
With 3 years of dormancy period:
For unclaimed properties under checks with 3 years of dormancy period:
With 15 years of dormancy period:
For unclaimed properties under Educational Savings Account with 3 years of dormancy period:
For unclaimed properties under Courts or Legal with 3 years of dormancy period:
For unclaimed properties under Health Savings Account with 3 years of dormancy period:
For unclaimed properties under Insurance with 3 years of dormancy period:
For unclaimed properties under Mineral Interests with 3 years of dormancy period:
For unclaimed properties under Utilities with 1 year of dormancy period:
With 3 years of dormancy period:
A holder’s primary obligation is to ensure that any unclaimed property is returned to its rightful owner.
Therefore, the holder must file a report for the unclaimed property to the Texas Comptroller of Public Accounts. The reporting process consists of five steps to appropriately report the unclaimed asset.
Pay and deliver the financial asset – Holders need to remit the unclaimed property to the Texas Comptroller of Public Accounts. Payments can be done through check or electronically with the State of Texas Financial Network (TEXT). Those who remit unclaimed property with more than $100,000 are required to pay electronically.
For the reclamation process, the Texas Comptroller of Public Accounts has its website for it. Simply visit the official website and search for your unclaimed property for an easier process.
On this website, you can see the application process to reclaim your property. You can also check the status of your unclaimed property website.
Deadlines of various processes related to unclaimed property in Texas
March 1 – Cut off date for required unclaimed periods
June 30 – Life insurance cut off
July 1 – Cut off for submitting and payment of reports except for life insurance
November 1 – Cut off for submitting and payment of reports for life insurance
Unclaimed paychecks also known as unpaid wages refer to the financial assets that were not received by the employee from his/her employer. There are various reasons why wages become unclaimed.
Find mass money for unclaimed property. Unclaimed money and assets are those funds or properties that are financially related where its rightful owner is not located or has no activity within the said asset in a long period of time.
Unclaimed gift cards are considered unclaimed money or properties. As we all know, unclaimed money is a financial asset that was not received by its rightful owner. Similar to other unclaimed properties, unclaimed gift cards…
Unclaimed Tax Refund is money that was unable to return to respective American
taxpayers. Generally, tax refunds are the reimbursement of any amount of money that was paid by the taxpayers in the federal or local state government units.