The ultimate goal of abandoned and unclaimed property business functions for a holder, other than to follow the law, is to save money—to keep from having to pay it out in penalties, fees, interest, and over-escheatment. You can take steps to reduce escheatment amounts legally, without risking an audit and associated penalties. If your company processes large amounts of unclaimed property, taking those steps could recover significant funds you might otherwise escheat unnecessarily, which amounts to 100% positive P&L impact.
MarketSphere’s proprietary exemption analysis software tool and the accompanying proven process for reducing escheatment amounts has added millions of dollars to our clients’ budgets since we began using it in 2003. Using this tool and process, your organization could identify savings that impact your bottom line right now.