Unclaimed Money Professionals

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FAQ’S

What is unclaimed money?

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;

Shares, Dividends, Unpresented cheques, Dormant bank accounts, Superannuation, Rental bonds, Council bonds, Deceased Estates

Insurance, Superannuation, Refunds, Overpayments, Trust Fund/Trust Accounts, Distribution, Debentures, Proceed of Sales, Interest

I received a letter saying I have unclaimed money owing to me from an Unclaimed Money Agent/Business?

It is important that you carefully examine the professional standing of any company that has contacted you. Check the qualifications, experience, credentials, ABN, ACN, References, Office location, Website and Social Media.

To ensure that you receive the best possible service, we are happy to confirm with you if you are dealing with a Professional Unclaimed Money Agent.

Unclaimed Money Professionals (UMP) has a list of accredited Unclaimed Money Agents/Professionals located on our Accredited Professionals web page. Unclaimed Money Professionals/Business/Agents that have under gone the Quality Accreditation Program are of the Highest Standard Professionals in the Unclaimed Money Industry. If you have any queries, please do not hesitate to contact us.

What is an unclaimed money holder?

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.

Isn't there a unified standard or set of legal requirements for handling unclaimed money?

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.

Why is it important to keep track of unclaimed money?

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.

What happens if holders fail to comply with a state's unclaimed money rules and laws?

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.

How long does it take to recover my unclaimed money with an Unclaimed Money Agent, Professional ?

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.