Businesses may be surprised to learn that not only can their vendors, customers and employees be entitled to unclaimed property, but the organization itself may be entitled to unclaimed funds that are held by the states or by bankruptcy courts or county, local or federal agencies. As a holder of unclaimed property, an organization may also have escheated unclaimed property in error to a state’s unclaimed property department or paid an owner in error. Even if a business handles unclaimed property in-house, an organization may benefit from a recovery specialist to assist in the holder recovery and reimbursement process.
Why hire a recovery specialist to assist you in locating your own organization’s lost funds or handle reimbursements on your behalf for funds paid out or reported in error? For starters, there are hundreds of state and local reporting jurisdictions that may have recoverable items in their possession, with each of these jurisdictions potentially having their own protocols dealing with recovery. Recovery specialists are accustomed to the complexities involved in recovering unclaimed property and can assist in navigating and managing the claims and/or reimbursement process efficiently, while tailoring and streamlining the process for each business.