WICHITA FALLS, Texas (TNN) - Monica Horton from the Better Business Bureau joined Jake in studio today to talk about unclaimed property.
Every October, the BBB of North Central Texas receives questions from consumers about services that ask you to pay to search for unclaimed property.
Asset finder companies will typically locate the funds and then contact the person they belong to.
Just because an asset finder company may contact you does not mean that you have unclaimed assets. They will contact everyone that has the same name that appears on the unclaimed property list.
Unclaimed property can be accounts in banks or other financial institutions that have had no activity or contact with the account holder for more than over 1 year. This includes checking and savings accounts, refunds, customer overpayments, safety deposit boxes and other similar accounts.
These companies are not offering to do anything you cannot do yourself for free.
To start your search in the state of Texas, go to claimittexas.org. This is a legitimate site, which is a division of the Texas Comptroller.
However, you will need to check for unclaimed property in every state you have lived.
To prevent accumulating unclaimed property, BBB suggests the following tips:
- Deposit or cash all checks for dividends, wages, insurance settlements, etc. without delay.
- Respond to legitimate requests for confirmation of account balances and stock holder proxies.
- If you have a safe deposit box, record its number, bank name and address, and give the extra key to a trusted person.
For more information about this topic to about an asset finder you can always visit the BBB website.