Frequently Asked Questions about Abandoned and Unclaimed Property
What is Abandoned or Unclaimed Property?
Who must report Abandoned or Unclaimed Property?
How can I determine if there are any unclaimed assets in my name?
How can I claim my Unclaimed Funds?
What is the Abandoned or Unclaimed Property reporting dollar threshold?
How long will this process take?
How much does this process cost?
Is this a scam?
What is Abandoned or Unclaimed Property?
Abandoned or Unclaimed Property is money or intangible property owed to an individual or business. Property is considered unclaimed after it is held for a period of time with no owner contact, and a good faith effort has been made to locate the owner. Most property consists of dormant accounts or uncashed checks. However, property also includes all assets held on behalf of a “lost” owner. Some common property types include:
Wages and Commission checks
Vendor checks
Unclaimed refund checks
Deposits
Securities and dividends
Insurance policies
Mining royalties
Bank accounts
Customer credits
Retirement accounts
Employee benefits
Cash rebates
Money orders and traveler’s checks
Some states do not require reporting of some property types, like gift cards or merchandise return cards, so it is important to research the state’s statutes on the types of property required for reporting. State dormancy periods range from 3 – 5 years for most property types, and 1 year for salaries/wages.
Who must report Abandoned or Unclaimed Property?
All businesses, no matter the size, must report and remit all dormant unclaimed property. All companies are responsible for filing reports on behalf of their branches, divisions or other affiliated entities. These entities are known as “Holders”, and include:
Banking and financial organizations, including state or federal chartered banks, trust companies, savings banks, private bankers, savings and loan associations, credit unions, and investment companies.
Business associations wherever located, such as a corporation, joint stock company, business trust, partnership, cooperative or other association of two or more individuals for business purposes, both profit and non-profit.
Utilities owned or operated for public use.
Legal entities including state, county, and city governments, political subdivisions, public authorities, public corporations, estates, and trusts.
How can I determine if there are any unclaimed assets in my name?
Click Here, where you’ll find a form that requires completion. This form will enable us to verify the presence of any unclaimed funds associated with your name.
How can I claim my Unclaimed Funds?
Click Here to claim your unclaimed funds!
What is the Abandoned or Unclaimed Property reporting dollar threshold?
There is no minimum reporting dollar threshold in any states’ unclaimed property law. Some states allow insignificant amounts (generally $50 or less) to be reported in “aggregate” to simplify reporting. Some states require holders to file a “negative report” if they have nothing to report for a specific year.
How long will this process take?
Claim processing entails a time-consuming procedure. Owing to the disruptions caused by thee Covid-19 pandemic, there have been extensions in the processing timeline, resulting in an average processing period of 5 to 9 months to finalize the claim.
How much does this process cost?
Our services are provided without any initial charges. Our operational structure follows a performance-based model, where we receive a 15% commission which covers both processing and notary fees. It comes from the funds you recover through your mail.
Is this a scam?
We acknowledge your apprehensions regarding its credibility, but rest assured, it is not a scam. The government currently holds up to 4 billion dollars in unclaimed assets, and they are mandated by law to permit companies like ours to engage in facilitating the return of these funds to their rightful owners.
