What are Unclaimed Funds?

There are many different types of assets that are classified as unclaimed funds.  These include, but are not limited to:

Unpresented cheques

Unpreesented Cheues

Unpresented cheques occur when the owner has relocated, has misplaced the cheque or the cheque has simply been lost in the mail.  They may also occur due to being incorrectly addressed by the sender.

Unpresented cheques become stale approximately 12-18 months from the date of issue and can no longer be banked.

Dormant Bank Accounts

This can include accounts held with banks, credit unions and building societies. An account is declared dormant if it has not been accessed for a period of 7 years or more.

Insurance Policies

This can include proceeds from uncollected insurance claims, premium over-payments or refunds and matured life insurance policies where the funds are not claimed for more than 7 years after the maturity date.

Superannuation and Employee Provident Funds

If a member reaches pension age and cannot be located or contacted, the funds are declared unclaimed.

Other assets

These can include uncollected deposits, estate bequests, unclaimed considerations, trust funds, refunds and overpaid accounts, divendends, salaries and wages, rent and bonds, principal and interest, distributions from liquidations, proceeds of sale, royalties, commissions, creditors, debentures and convertible notes.

Source By: UnclaimedMoney Recovery Agents