Frequently Asked Questions
What are unclaimed assets?
Unclaimed assets refers to money that has lost contact with its owner. Each year millions of dollars in privately-owned accounts are marked as abandoned. This occurs when the account has been inactive for several years and the corporation administering the account is unable to correspond with the owner. Unclaimed funds can arise from such sources as dormant bank accounts, liquidated stock companies, lost tax refunds, uncashed dividends, escrow holdings, closed pension plans and even repossessed homes.
How does these funds come to be unclaimed and/or abandoned?
Have you ever moved to a new residence and the post office failed to properly forward all your mail? Often, clients were unaware of important notifications or actual check payments mailed to them by companies they did business with, sometimes more than a decade earlier. These payments become stale after several years of not being cashed and become marked as unclaimed funds.
Why do these companies I do business with not locate me?
Large corporations are not legally obligated to diligently search for missing owners. If you had a change of address and mail is subsequently returned to the corporation as being undeliverable, most companies have no further resources for locating you. After a several year period of account inactivity, State abandoned property statutes regulate the actions of companies regarding their customers.
Can unclaimed assets involve estates of deceased persons?
Yes, sometimes an individual will pass away with valuable holdings in their name, such as stocks, bank accounts, or real property. If the rightful heirs failed to be contacted and were unaware of this inheritance, then this money will ultimately escheat as abandoned property. We help locate potential heirs and assist with the ultimate recovery and distribution of these funds.
How does AVAYDA locate owners of unclaimed funds?
We step in to fill the gap left by the large corporations who are simply unable to track the thousands of missing customers in their systems. We have a team of researchers spending time in courts, county offices, and administrative government buildings investigating reports of unclaimed funds and properties. Once an asset is located, our proprietary search system matches outdated addresses with current addresses of likely owners of these funds.
How long will it take to recover my funds?
Our company has developed a streamlined process for efficiently processing claims to assure payment is expedited to clients. Final payment of claims varies depending on the type of asset recovered. Some are paid under four weeks, others may take between 60-90 days. Feel free to call our office to receive a time-estimate for your particular case file. Our toll-free number is 1-800-646-0938.