Texas unclaimed property increasing at alarming rate

Unclaimed property has been a problem every state in the U.S. is facing. There are several modern world problems that our current economy is dealing with and one of the more severe problems is the case with lost money. Like other states in the United States, Texas is also facing similar problem in managing the immense pile of unclaimed money. The burden is mainly on the state agencies that are managing these piles and as we can see from the figure itself, the Texas unclaimed property is increasing at an enormous rate making the current scenario much worse.

It is because of the new initiatives introduced by the state in order to find Texas unclaimed property, the state boasts of an enormous $164 million return to the rightful owners last year. It may be a very good sign but the real problem is not the returns being made. According to the state agencies, the real problem is the rate at which the Texas unclaimed money is increasing on a day to day basis. The state agencies who are managing this burden of lost money believe that unclaimed money in Texas is still increasing because of the ignorance and lack of common education or knowledge among people regarding lost property.

The newly introduced state initiatives in Texas include publishing the lost property sections in most local newspapers with the person’s name under last known address. The government of Texas is organizing state fairs in coordination with certain agencies that has the sole motive of educating the people about the importance of lost money.

These fairs offer assistance to a possible claimant on a walk-in basis and initiative include making on–the–spot decisions and searches. Gaining much popularity are the public assistance booths that offer assistance to people by spreading awareness related to the process of re- claiming. These booths have access to all the information related to lost money in the form of a database, which is updated on a regular basis.

Some of the best available means to search for lost property in Texas include the websites like claimittexas.org that offer filtered search options along with the proper method of re- claiming the same from the state. The state agencies of Texas also believe that these initiatives will assist in putting a stop on the growth rate of unclaimed money in the state of Texas. The different sources of unclaimed money in Texas include sources like cashier’s checks, mineral royalty payments, safety deposit box contents, un-cashed money orders, lost cash dividends, unclaimed security deposits, and court deposits.

The basic steps in searching for lost money include searching in each and every state or region you have resided in until the most recent date because it is not necessary that the business firm consists of your current address. Claimants can be assured of the fact that their property will remain in safe custody of the state because as per the state law, all the properties that remain idle for a specified period of time have to be handed over to the state by the financial institutions like banks. All we can do is hope much people understand the importance of lost money in their own personal finances and come up to claim the same.