Welcome to Unclaimed Property Solutions

To most, unclaimed property is a mystery. To others, it is an administrative headache and financial burden that is far less understood than taxes. Unclaimed Property Solutions can clarify the uncertainties surrounding unclaimed property and assist your organization in attaining compliance as well as reducing or eliminating future exposure.

What is unclaimed property?

Unclaimed property (also referred to as abandoned property) is tangible or intangible property that has gone unclaimed by its rightful owner. Common forms of unclaimed property include, but are not limited to: uncashed checks (e.g., accounts payable, commission, dividend, payroll, rebate, refund, traveler’s, etc.); checking/savings accounts; unredeemed gift cards/gift certificates/merchandise credits/store credits/money orders; customer overpayments, insurance payments/refunds; deposits; participation/royalty payments; and contents in safe deposit boxes.

What is the purpose of having unclaimed property laws?

• To protect the interests and property rights of the lost owner
• To relieve the holders (i.e. companies) from the expense and liability associated with the property
• To ensure that any economic windfall benefits the public; not an individual holder

What are the states’ responsibilities?

• To release and indemnify the holder from liability
• To secure the funds in a custodial role
• To make an effort to locate the rightful owners
• To pay claims to the rightful owners

As a holder, what are my company’s responsibilities?

• To perform due diligence
• To file a report
• To remit the property

Why should our company report?

• It’s the law!
• Risk of audit, penalties and interest
• Sarbanes-Oxley 404
• To avoid a public relations nightmare