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Frequently Asked Questions
What
is unclaimed property?
Why are these properties unclaimed?
Can I as individual or as a representative for
my corporation search for the unclaimed
funds myself?
Are there disadvantages to searching
on my own?
What is a Locator?
Why use
Boomerang Asset Recovery to locate unclaimed property?
How long will it take to recover
my funds
What
is unclaimed property?
Unclaimed property (sometimes referred to as abandoned) refers to accounts
that have had no activity generated or contact with the owner for a given
period of time, usually 1-5 years or longer. The rightful owner of unclaimed
property can be an individual or a corporation. Common forms of unclaimed
property include savings or checking accounts, stocks, uncashed dividends
or payroll checks, refunds, traveler’s checks, trust distributions,
insurance payments or refunds and life insurance policies, annuities, certificates
of deposit, customer overpayments, utility security deposits, mineral royalty
payments, and contents of safe deposit boxes. Back to top
Why
are these properties unclaimed?
Each state and many federal agencies have enacted unclaimed property statutes
that strictly prohibit companies from keeping funds that they can·t
deliver to their rightful owner. These laws require companies to turn undeliverable
funds over to a state agency that holds these funds in trust. The state
agencies will then make a diligent effort to find the rightful owners. Most
states hold lost funds until the owner is found, returning them at no cost
or for a nominal handling fee upon filing a claim form and verification
of your identity.
Back to top
Can I as individual or as a representative for my corporation search
for the unclaimed funds myself?
Yes, there are several free web sites that can assist you with your search:
MissingMoney.com Unclaimed.org are both web sites that are officially endorsed
by the National Association of Unclaimed Property Administrators (NAUPA)
containing the official collective records from most state unclaimed property
programs. Back to top
Are
there disadvantages to searching on my own?
Locating, identifying and recovering lost asset funds can create a drain
on company resources. Dealing with government agencies can be a challenging
process on its own. Multiply this by the number of state and federal agencies
only exacerbates the challenge. You might have to visit several and possibly
all individual state web sites to perform manual searches. If you locate
unclaimed property in multiple states, each state will have different requirements
for filing and claiming unclaimed property. Also, when performing a search
for a corporate name you must take in to account the correct spelling for
the corporation plus different variations of the name. For example when
searching for J.C. Penney you will also need to look for: JC Pennys, JCPenney,
JC, Penneys. In many cases searching for variations of a name will require
you to perform a separate search for each name.
Back to top
What
is a Locator?
Locators can be an individual or a company that can assist in locating and
recovering unclaimed funds for a fee. Back to top
Why use Boomerang Asset Recovery to locate unclaimed property?
Boomerang has developed a set of unique and proprietary search technologies
that are capable of comprehensively locating corporate unclaimed property.
Our technology driven processes addresses the "dirty data" issues
that severely limit the success of standard search efforts. In addition
our capability to search historical and current business names and addresses
is unparalleled. Once unclaimed property has been found, Boomerang solutions
will assist in filing claims and manage and track the claim to final payment
thus eliminating your need to supervise and administrate the process. Back
to top
How long will it take to recover my funds?
The amount of time necessary for recovering funds varies widely. In Boomerang·s
experience some states pay within a matter of days, while others may take
several months. Boomerang works closely with all unclaimed property administrators
to ensure the fastest recovery of funds possible. Back to
top
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