State Holding Billions In Unclaimed Money
NORTH TEXAS (CBSDFW.COM) - We’ve all seen the occasional newspaper page with the names of thousands of people who all have unclaimed property — but the type of property might surprise you.
According to the Texas State Comptroller’s Office, one in four Texans are due cash. The result has left the state holding a fortune in unclaimed money.
“Right now it’s currently $2.5 Billion and we want to get it back out to the rightful owners,” explained Amy Redmond, with the Texas State Comptroller Office.
The type of funds waiting may surprise you and so may the average check amount.
“We see money come in from dividends, royalty checks, as well as utility deposits [and] overpayment on insurance. If you’ve had a rebate that you never cashed from a computer or cell phone, we see money coming in from that,” Richmond said. “We see anywhere from … a few cents of unclaimed property up to thousands of dollars, but the average claim is $1,000.”
State officials say a portion of the funds are the result of an individual moving and not leaving a forwarding address.
Correction: Amy Redmond was initially identified as Amy Richmond. The text has been corrected.
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