Many types of unrecovered money are handed over to a Government Fund when the owner or a Company leaves money in an institution such as banks, insurance companies, investment companies, superannuation funds and others for different reasons. Often these include deaths, liquidations, forgetfulness or neglect.
Usually a letter regarding the funds or a cheque will be sent by the institution to either the person or the Company entitled to the funds. This letter is sent to the last recorded address. Unfortunately, this letter is often lost, incorrectly addressed or no longer a current address and never reaches the intended recipient.
If the owner does not otherwise claim the funds then the money is transferred into a trust account. Usually this is a non interest bearing account managed by the relevant State Government. If the money remains unclaimed over a set period of time it will eventually be absorbed into a Government account where the owner has little chance of ever recovering it.
About 2-3% of rightful owners ever claim their money. The other 97-98% are often not even aware of their entitlement.
This is where our role at Restore Consultancy comes in. We specialise in sourcing lost monies and their rightful owners, then with the owners consent we undertake to recover their funds for them.
Examples of Unrecovered Monies
Bank Accounts Bonds Bonuses Creditors Commissions Debentures Deceased Estates Deposits Distributions Dividends
Expenses Life Insurance Interest Investments Liquidations
Lottery Wins Over Payments Payments Proceeds of Sale Refunds
Royalties Savings Securities Superannuation Trust Accounts
Trust Funds Unpresented CQs