What are escheat and unclaimed funds?
Escheat is the process which requires businesses to remit unclaimed funds to the state government for safekeeping until claimed by the rightful owner. Unclaimed funds include checks that are not cashed within a certain time period, uncashed traveler’s and Cashier’s Checks, and uncashed insurance policies.
Where are the unclaimed funds held?
Unclaimed funds are held in multiple governmental agencies in all fifty states.
What happens to the unclaimed funds if they are not collected?
Unclaimed funds either revert to specific governmental agencies and are lost forever, or they remain with other governmental agencies until they are claimed.
How are unclaimed funds recovered?
Each governmental agency has specific documentation requirements that must be followed in order to claim these funds. Everest Enterprises helps clients gather and organize the required documents and assists in the claiming of these funds and subsequent followup to ensure that the claimed funds are received by the client.
How does Everest Enterprises get paid?
When recovery is complete, we bill the client a percentage of what we recovered.