We find the money in governments and you profit...
THE UNCLAIMED FINANCIAL ASSET
Funds waiting in governmental institutions, until the owners claim them.
Unclaimed financial assets are items such as money deposit, unclaimed stale-dated cheque, certified cheque, bank draft, investment fund or any other properties hold by the Canadian/American government, province/state and/or city regulations until the owners claim them.
In Canada, financial institutions with federal charter must return to proper federal institutions all unclaimed financial assets. All financial institutions following provincial regulations are required to remit all unclaimed financial assets to the designated institution.
In the USA, all businesses have the obligation to return to the appropriate Office of the State Treasurer all unclaimed financial assets.
From financial institutions.
In Canada, most of these unclaimed financial assets come from financial institutions, particularly banks, savings and credit unions, insurance and trust companies, as well as law firms, notary’s offices, pension fund managers and securities brokers or advisers.
In the USA, in addition to the previously mentioned list, all businesses, no matter how large or small, hold funds that belong to others in a broad variety of forms of unclaimed financial assets.
Between 3 and 10 years.
Considering the various set of laws, unclaimed financial assets are considered to be unclaimed property when the owner has not made a claim, performed a transaction or provided instructions in respect of the asset after a period of inactivity or dormancy equivalent to 3 years. However, that period could reach up to 10 years depending on the Country, Province or State.
Between 10 and 100 years.
In theory, an unclaimed financial asset could be claimed without time limits. However, in reality, a time limit is imposed by each relevant government and will vary from one to the other.
Therefore, amounts under a certain limit could be kept for a period of 10 years and unclaimed financial assets of $1000 or more for more than 100 years.
In some instances, from the moment the unclaimed property is liquidated.
In Canada and in the USA, most unclaimed financial assets do not earn interest. However in some instances, interest starts to accrue from the date on which the unclaimed property remitted to a Government is liquidated, that is, converted into cash. In addition, interest at the prescribed rate may be accrued on amounts from some bank accounts.
Without a specialist, many funds could not be located and recovered.
Generally, our services are not aimed at questioning your staff’s competence. However, we have sourced 100 areas where unclaimed amounts could be found in North America. Furthermore, the number of search areas expands from year to year. Part of this information is obtained via the Access to Information Act.
As we are completely dedicated to discovering unclaimed financial assets, we have created a bank of information that we will use for the purpose of our research.
THE CLAIM PROCESS WORK
For us, there are several steps, for you, only a signature is required.
When we recover an unclaimed financial asset that we assume belongs to you, we follow the proper claim procedures which varies within the 100 information banks. Consequently, as the instructions are followed based on the strictest guidelines, we are able to achieve the maximum success in our recovery process. As such, we prepare all the necessary documents, and in many cases, we only require your signature. Finally, the documents will be sent to the appropriate person in the various identified location.
Between 6 and 12 weeks.
Generally, to process and pay an unclaimed financial asset claim will take within 6-12 weeks from the receipt of a request. For more complicated claims, the process may take longer.
THE IMPACT OF A PARTNERSHIP WITH STRATEGY 360
The amounts discovered and the strategies for you to collect them yourself in the future.
A. You have no financial risk in mandating us, since your investment is determined on a prorated basis of the amount recovered. This amount would not likely have been recovered without our expertise at Strategy 360.
B. The confidence that the search of the unclaimed properties will be performed at 100 governmental institutions in North America.
C. Your employees will be provided with the knowledge-base know-how that will enable them to recover financial amounts in the future.
Our professionals at Strategy 360 work at their own office.
The information that we receive as part of our mandate with your company will be treated in a strict manner to ensure confidentiality.