Q. What is unclaimed property?
A. Intangible (i.e. bank account, brokerage account or life insurance policy) or tangible property (i.e. safe deposit box contents) that is being held by government treasury departments until a rightful beneficiary is located.
Q. When does property become “unclaimed”?
A. Property is considered unclaimed by a jurisdiction when the property in question has had no owner generated activity for more than the statutory dormancy period specified by the jurisdiction, and mail correspondence has been returned due to an invalid address. Dormancy periods vary depending on the property type and by jurisdiction.
Q. How did you find me?
A. We use a multi-stage research process into public databases, which includes cross-references at every step, to eliminate non-owners. We contact only those whom we consider highly likely to be the rightful or legal asset owner.
Q. Will we be asked for current bank account details?
A. Never. Information about old, unused bank accounts or other dormant financial assets may be needed by the government custodian(s) of the assets to process your claim, but never your current bank account information.
Q. Are there any up-front fees?
A. No. There are no up-front fees for our services; we absorb all costs related to the identification of assets and locating the owners. Some of the custodians charge small filing fees for each account. A few others charge a percentage of the asset value, which they deduct directly from the payout. Impact 360 will never ask you for payment for our services before you receive your recovered asset(s).
Q. How long does the process take?
A. From the time the claim is received by the government entity holding the asset, it typically takes anywhere from 60 to 180 days for you to receive your payout. Factors which impact the timing are: proof of ownership – type required and provided; volume of claims at the custodian; any unique jurisdictional compliance requirements for certain asset types; mailing time for interim correspondence, etc.