Unclaimed Funds
What are unclaimed funds?
Unclaimed funds refer to financial assets that have been abandoned or forgotten by their rightful owners. These funds can include various types of assets, such as bank accounts, stocks, uncashed checks, insurance policies, utility refunds, and safe deposit box contents. When individuals or companies fail to claim these funds within a certain period, they are turned over to state or federal government agencies as unclaimed property. Over $4 billion is returned by states on an annual basis.
Where are these funds located?
Each state in the United States has laws that require financial institutions, companies, and other entities to report and remit unclaimed funds to the appropriate state authority. These agencies, often referred to as unclaimed property departments or divisions, are responsible for safeguarding the funds and making efforts to locate and return them to their rightful owners.
What makes up unclaimed funds?
- Uncashed or Unclaimed Payments: Companies may have unclaimed funds in the form of uncashed checks or unclaimed payments owed to them by customers, clients, or vendors. These can include refunds, rebates, vendor payments, or customer deposits.
- Accounts Payable and Receivable: Unclaimed funds can arise from outstanding accounts payable or accounts receivable balances that have not been resolved or claimed. This can occur when companies fail to collect payment from customers or neglect to claim payments owed to them by other businesses.
- Employee Wages and Benefits: Unclaimed funds may result from unpaid or uncollected wages, salaries, commissions, bonuses, or other employee benefits. This can occur when employees leave a company and fail to claim their outstanding compensation.
- Vendor Overpayments: If a company mistakenly overpays a vendor or supplier and the excess payment goes unclaimed or unnoticed, it can become part of unclaimed funds. This can include duplicate payments, pricing errors, or other billing discrepancies.
How we can help.
Our dedicated recovery team specializes in assisting companies by identifying and recovering their unclaimed funds. Our comprehensive search services employ advanced databases and algorithms to uncover unclaimed assets, such as uncashed checks, unclaimed payments, or abandoned accounts. We guide our clients through the complex process and handle all of the documentation, paperwork, and compliance, ensuring a streamlined and efficient recovery process. With our expertise and dedicated research, we maximize the chances of successful reunification of companies with their unclaimed funds, providing personalized assistance and support when required.
Our process.
- Search: Our data team does its initial search by utilizing extensive databases and search algorithms to uncover unclaimed property across multiple jurisdictions.
- Notification: After our data team has successfully located multiple unclaimed funds for a company, our outreach team will notify the proper individual at the company.
- Documentation: Recovering unclaimed funds may involve complex paperwork and documentation requirements. Our team will handle the necessary steps of completing and submitting the required forms and documents, ensuring compliance with the relevant regulations and maximizing the chances of successful recovery.
- Recovery: Our team will actively work to recover and reunify the funds with our clients, leveraging our expertise and resources to expedite the process.
How do we get compensated?
We work strictly on a contingency fee basis, so the only time we get compensated is at the end of the process when money is successfully recovered for our clients. Every state sets a maximum fee percentage a third party can charge a client, this spans from as low as 5% all the way to 30% in certain states. We work on a flat contingency fee of 5% no matter the state in which the unclaimed funds are held. After a successful recovery, the state will issue payment directly to our client and we will send an invoice for our 5% contingency fee.
How long does the recovery process take?
The timeframe for receiving unclaimed funds after filing a claim can vary depending on several factors, including the specific circumstances, the state involved, and the efficiency of the processing entity. In general, the process of receiving unclaimed funds can take several weeks to several months, or even longer in more complex cases.
After filing a claim for unclaimed funds, the claim is typically reviewed by the appropriate state agency or entity responsible for managing unclaimed property. They will verify the legitimacy of the claim and ensure that all required documentation and information have been provided. This review process can take time, especially if there are any complexities or discrepancies that need to be resolved.
Once the claim has been reviewed and approved, the state agency or entity will initiate the process of disbursing the funds. The specific method of payment and the time it takes to receive the funds can vary. Some states may issue a check or initiate an electronic funds transfer (EFT) directly to the claimant’s bank account, while others may use alternative payment methods.