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About Abandoned or Unclaimed Assets
  • What is Unclaimed Property?

  • A company has informed me that they ‘escheated’ my funds to the state. What does that mean?

  • Should I work with a company that has contacted me about my unclaimed property, or can I work directly with you?

  • Do you charge for this service?

  • How can I prevent my assets from becoming unclaimed property?

What is Unclaimed Property?

Since as early as the 1940’s and 60’s, States has required institutions, businesses and governmental entities to report to the state any personal property that has been unclaimed for up to five years, depending on the asset or property in question.

Unclaimed property can be abandoned assets. Some examples:

  • dividend, payroll or cashier's checks

  • stocks, bonds or mutual fund accounts

  • utility deposits and other refunds

  • bank accounts and safe deposit box contents

  • insurance proceeds

  • mineral interest or royalty payments

  • court deposits, trust funds or escrow accounts

  • overpayments on insurance, utilities and other bills

 

Unclaimed property does not include real estate or vehicles.

There is no statute of limitations for unclaimed property. Funds reported will remain here indefinitely until returned to their rightful owner.

Each state manage its own Unclaimed Property Program. For example, the Texas Comptroller has authority to manage the State of Texas Unclaimed Property Program under Title 6 of the Texas Property Code.


 

A company has informed me that they ‘escheated’ my funds to the state. What does that mean?

Companies often use the term “escheat” when they have transferred abandoned funds to the state. The company has simply “reported” those funds. The state holds those funds until the rightful owner comes forward and is able to prove ownership.

Escheat should only be used for a “true escheat.” Escheatment of property is rare and only done by governmental entities. If you have further questions, please contact our office using the "Contact" tab above.

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Also, you can go to Missingmoney.com to start your search-and-claim process, the only site endorsed by the National Association of Unclaimed Property Administrators. It costs nothing to search, it's FREE.


 

Should I work with a company that has contacted me about my unclaimed property, or can I work directly with an official government holding office?

You may contact official government holding offices to conduct a search for assets in your name. If they locate any funds, we can also assist you in beginning the asset recovery claims process. You may also complete a Providence asset claim form and Providence Research department will conduct a search for you. Just click here to register for an account at Providence PI asset recovery site.

You do not have to sign a contract with a private company to claim your money. However, Providence Private Investigations is always available with professional, experienced, research and asset recovery representatives.
 

Can any Third-Party do this?

Many states in the U.S. require professionals such as an attorney or private investigator licensure to conduct asset recovery services. For example, in the state of Texas heir finders or asset recovery companies must be licensed by the Texas Department of Public Safety, Private Security Bureau. These businesses service fees cannot be more than 10 percent of the value of the abandoned property recovered, including all expenses incurred. Be weary of anyone charging upfront fees and charging more than the state statutes require.


 

Do you charge for this service?

Providence do not charge an up front charge or fee for its unclaimed asset recovery service.  All charges or fees will be collected after you have recovered your abandoned asset from official government source(s) or other source holder(s). The commission fee will be a percentage of the value of the abandoned asset recovered, including all expenses incurred.


 

How can I prevent my assets from becoming unclaimed property?

  • Keep accurate financial records.
    You may want to keep a copy of statements for all of your accounts and policies in a secured location.

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  • Always open correspondence from financial institutions.

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  • Your bank may be notifying you that they are closing your account. All accounts are subject to abandonment laws.

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  • Check on all of your open bank accounts.
    Make a manual transaction at least once a year. Autodraft and interest payments are not considered manual transactions.

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  • Cash or deposit checks as soon as possible.
    All checks expire, even when there is no printed expiration date.

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  • When you move:

    • Contact your financial institutions directly about any change of address; most do not forward mail.

    • Update your address with any company with which you have regular business dealings, including those issuing mineral interest and/or dividend checks.

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  • If you leave a job:

    • Confirm that your employer has your current address for any additional payroll or reimbursement checks.

    • Make sure you have information on how to collect any benefits or future pension payments.

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  • Keep a current list of all these financial accounts:

    • open bank accounts

    • investments

    • insurance policies

    • safe deposit boxes (with the box number and a copy of the key)

    • oil and gas royalties

    • other assets

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  • List all of your assets in your estate.

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  • Make sure your beneficiary information is up to date, including insurance policies.

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