What is Unclaimed Property?
Unclaimed Property or Deposit Recovery are funds that have not been returned or claimed by an organization/business or an individual. This article will focus on “business” only and the asset recovery process. This article will not discuss the requirements of an organization/business to escheat assets to be returned. This article is written with general information, to inform and understand the topic of escheated assets. State statutes/regulations and claim requirements change frequently.
What is Asset Recovery?
This is the process by which an owner of unclaimed property can recover the property/asset. This term is sometimes used to mean the retrieval of property by businesses or property belonging to them. What are examples of properties/assets not received?
- Deposits for leased space
- Deposits for leased equipment (modems, routers, medical equipment etc.)
- Carrier services where basic monthly fees are paid one month in advance (AT&T, Verizon etc.)
- Deposits for returned one-time equipment rentals (tents, table, chairs, etc.)
- Deposits for multiyear electrical /gas /cable/cellular tower contracts
- Entertainment refunds (If a performer cancels – the return of their initial payment to perform)
- Escrow funds
- Unknown bank account funds (interest that was posted after an account was closed or the banking institution acquired)
- Interest payments on investments (stocks, bonds etc.)
- Stock certificates
- Tax return payments
- Vendor credits/overpayments