Reclaim It specializes in unclaimed property consulting and recovery. Contrary to popular thought, Unclaimed Property is often not tangible property at all, but more likely deals with uncashed checks, A/R credit balances, unused gift cards or rebates, etc.
Unclaimed Property laws are in effect in all 50 states plus some US territories. Although the laws and processes for compliance by state, they all require the 'holder' of the unclaimed property to turn the funds over to the state after a period of dormancy. The states then serve as 'custodian' of the funds until the rightful owner is found.
Our business model has both a contingent business and a fee for service line. Our fee based consulting practice supports companies in this very complicated compliance area. We offer unclaimed property process reviews, best practice consulting & training, due diligence support and help with filing annual escheat reports to the states. We offer consulting and training on how companies can be compliant with all 54 jurisdictions.
We recover dormant funds for companies on a contingent basis. We do all the research, file claims, make phone calls and chase down funds from a wide range of sources. We get paid when our customer gets paid. If the effort produces no found money, our client pays nothing. This is a great model for companies that want the benefits of 'found money' without distracting staff from their core business to do so.
Basically any company, both for profit and non profit, public or private that has payroll, writes accounts payable checks, has accounts receivables, issues gift cards and rebates will have some Unclaimed Property issues.
Keywords: unclaimed property, abandoned property, found money, escheat,