| They say everything comes big in the Lone Star | | | | Texan relatives may have lost over the years, it's best |
| State- the longhorned bovines, cowboy boots, prairies, | | | | to go check-out eBay. |
| steaks, cars, and piles of money. Texas unclaimed | | | | George Tamayo, manager of the unclaimed funds |
| money that is. Texas comptroller Carole Keeton | | | | division in Texas says "From our experience, we |
| Strayhorn has almost $2 billion dollars of unclaimed | | | | determined we were getting the most bang for our |
| cash to give-away to her state's residents. Well, it's not | | | | buck on eBay." to which he adds "It's more |
| so much giving-away as giving-back since the lost | | | | cost-effective, because we are able to do the |
| cash was already theirs to begin with. Funny thing is | | | | auctions ourselves." His state was one of the first to |
| most of the 200,000 people owed Texas unclaimed | | | | make use of the internet auction site early in 2002, |
| properties don't even know they have money coming | | | | switching from the traditional method of disposing of |
| to them. | | | | the abandoned property through live auctions. |
| People tend to forget to collect salary or insurance | | | | According to Jackie Schroeter, safe deposit box |
| checks when they get new jobs or move to a new | | | | manager for Texas, posting on eBay saves her office |
| house. They also forget to leave behind forwarding | | | | time and effort. With the live auctions, the Unclaimed |
| addresses when they move and this is one of the | | | | Property office would have to shut down to |
| main causes for lost checks. When business and | | | | coordinate them due to lack in manpower. It just takes |
| financial establishments can't find the owners of these | | | | a few clicks with a computer mouse now. |
| lost financial assets for 5 years (in Texas), they are | | | | The proceeds from these auctions go back to the |
| turned over to the state as dictated by Texas | | | | Texas unclaimed property fund where they still can be |
| Unclaimed Property Law which follows the country's | | | | claimed by their rightful owners at any time. "The |
| escheat laws. The unclaimed funds stay with Texas | | | | Unclaimed Property List contains the names of |
| state Comptroller's office until their owners come to | | | | Texans with property valued at $100 or more that |
| claim them. | | | | was reported to the state within the last year.", says |
| Unclaimed property in Texas covers anything from | | | | Texas Comptroller Carole Keeton Strayhorn who also |
| forgotten bank accounts, savings accounts, stock and | | | | announced in a recent report, "Since I took office, I |
| cash dividends, uncollected insurance benefits and | | | | have returned more than $532 million in unclaimed |
| money orders to gift certificates, un-cashed checks | | | | property to its original owners," |
| and contents of safety deposit boxes which have | | | | This is good news indeed for residents of the Lone |
| been considered abandoned by their owners. The | | | | Star State, but don't think the Comptroller is going to |
| latter is the only example of tangible assets under the | | | | come to your front door and deliver your lost funds to |
| Texas Unclaimed Property Law and these are | | | | you. Unless you have no immediate need for extra |
| auctioned-off in dBay after 2 years of being | | | | bucks in your pocket, you should search for unclaimed |
| turned-over to the State Comptroller's office. So if | | | | money in Texas or other states now! |
| you're looking for family heirlooms or antiques that your | | | | |