FAQ’S

There are many types of unclaimed monies including shares, bank accounts, insurance policies and inheritances. These monies are now in the care of a custodian who has lost track of the rightful owner. The rightful owner may have lost track of the asset or may even be unaware that they are entitled to the money.  Areas of unclaimed money;

Holder is used to describe any commercial entity that has unclaimed money on its balance sheet.  Examples might include a bank with abandoned safe deposit boxes, a restaurant with unused gift card balances or an insurance company with unclaimed policy accounts or benefits.

There are over-arching ethical and business principles that apply, but each state has different laws regarding unclaimed money and navigating them can be a challenge, even for experienced professionals. 

Most states require holders to review their business records and make an annual report of unclaimed property holdings, including evidence that they have taken appropriate steps to return the money to its rightful owners.  There can be harsh penalties for holders that do not comply with state reporting guidelines.

If a company is audited and found to be in violation of unclaimed money compliance standards, the punishment could include interest, fines, penalties and other monetary damages.

The process normally takes between four to eight weeks.  Deceased Estates can take and usually do take allot longer.  Unclaimed Money Professionals should keep you informed throughout the full process and advice on any anticipated delays.