Asset Recovery was created to meet a very important need in the billion dollar unclaimed property and money Industry.
In many jurisdictions around the country unclaimed assets are escheated to the state or various custodians for a variety of reasons including delinquency or abandonment. These unclaimed assets can originate from old bank accounts and safe deposit box contents, CDs, mutual funds, stocks, bonds, dividends, uncashed checks, wages, insurance policies, trust funds, utility deposits, escrow accounts, inheritance money, etc.
This process of escheatment of property or money by private citizens to characterless agencies originated in feudal 16th century England. This unfair process continues in the US, founded on laws from the British Commonwealth centuries ago.
Asset Recovery recognizes a two fold conflict of Interest:
1) The agencies charged with notifying potential claimants stand to keep the
money if the statute of limitations expire and no claim is made. In many cases the agencies will only do the minimum necessary to find and inform the claimants.
2) The rules and requirements necessary to recover the assets are interpreted and enforced by the agencies holding the money. Many claims are lost due to an inability to meet their stringent demands.
In consequence, millions of dollars in unclaimed money lawfully owed to private citizens are now lost and in many cases permanently forfeited to government agencies around the country.
Asset Recovery performs a dual service:
1) Routine audits are made on government agencies across the US and great efforts are expended to locate the rightful owner(s).
2) Once contact is made, extensive work and resources are implemented on the owner's behalf so that every chance is given to realize their full entitlement to these assets.
With the assistance of Asset Recovery many claims have been recovered and the money given to its lawful owners who can now put it to good use for themselves and their families.