Why Do Financial Assets Become Lost?

 

 

There are many reasons why financial assets become lost, and end up being remitted to the government; legislation governs what happens to many types of these assets. Legally, attempts must be made by businesses holding these assets to contact the rightful owners, usually by Registered Mail, to make them aware of the existence of the unclaimed assets. For many reasons, this becomes a dead end:

• Human error such as a simple typographical error makes the mail undeliverable
• People move and businesses relocate and mail is not properly redirected
• Staff changes can disrupt continuity of information
• Corporate names change through merger/acquisition activity
• Personal and corporate names can be misspelled
• Some processes within corporations are not always integrated, especially financial processing
• Corporations can have hundreds of individual subsidiaries and affiliates, each with their own unique name(s) and/or address(es)
• Punctuation can become non-standard and acronyms and trade names can be varied
• Abbreviations can be introduced inconsistently

With quarterly and annual reporting pressures it is very easy for corporations to prematurely write-off or lose track of some types of financial assets. Finding them in any one of the over 100 global databases once lost – and recovering them – has become increasingly complex and inefficient without the assistance of a professional unclaimed asset locator and recovery service firm. Further to this, time can be of the essence in some jurisdictions, where fees may be charged against the asset value for ongoing maintenance of the asset records thereby continually eroding the value of the asset.

Of course, the best way to find out if there is potential asset recovery is to call us now: 1-888-922-6032

or visit Inquiries and Database Searches to submit your name for a free global search.

Get in touch today and let us help you reclaim what belongs to you.