Texans have more than $12.5 billion in forgotten money and property waiting at the state comptroller's office, and the agency says it is changing how it handles claims to return it faster.
In an Oct. 30 news release, the comptroller's office said it is starting a modernization of the unclaimed property program that will bring artificial intelligence into the claims process for the first time, along with new software. It did not describe how the AI will be used and said more details will come in the coming weeks.
The agency also said it has restructured its Unclaimed Property Division and has processed 107,405 claims since Aug. 1, which it described as a 40% increase over the same period a year earlier.
"This money belongs to those who earned it, not the state," Comptroller Don Huffines said in the release. He added: "For the first time in decades, we are cleaning out the garage, and this is just the start."
What counts, and how to check
Unclaimed property includes things like dormant bank accounts, checks that were never cashed, utility deposits, insurance payouts, paychecks and the contents of abandoned safe-deposit boxes. State law requires banks and businesses to send inactive accounts to the comptroller after a set period, and the office holds the money until the owner claims it.
There is generally no deadline to file. The comptroller's office says owners can claim property at any time.
