So, What Is Unclaimed Property?

A quick explanation of the unclaimed property process and why knowing matters.

EDUCATION

Arsenal Asset Recovery

2/13/20232 min read

white concrete building under blue sky during daytime
white concrete building under blue sky during daytime

Unclaimed property is a legal description of any financial asset that has been abandoned by its owner for an extended period. In many cases, these assets end up in the possession of state governments, who are responsible for holding onto them until they can be claimed by their rightful owners. Unclaimed property includes bank accounts, stocks and bonds, insurance policies, and even safe deposit box contents. While it may be surprising, unclaimed property is a big business for government agencies - and they have no desire to locate the rightful owners of these assets. Here is why.

In the United States, each state has its own laws governing unclaimed property. Typically, when a company or institution is unable to locate the rightful owner of an asset for a certain period, they must turn it over to the state where the asset was held. The state then takes on the responsibility of holding the asset and attempting to locate the owner. However, it is not in the state’s best interest to locate the owner since many put a time limit as to when these funds can be claimed. Once the time passes, these funds are forfeited by any possible claimant and gone forever into bureaucratic coffers. This is just not fair, but commonly happens every single day.

It's worth noting the process of locating unclaimed property can be somewhat complicated. Smaller amounts are listed by a simple web search using terms like "unclaimed property" in your state and searching for your name. In these cases, you will need to provide documentation to prove that you are the rightful owner of the asset in question. This may include things like identification documents, proof of address, and documentation demonstrating your connection to the original asset holder. Significant amounts in the thousands, and sometimes hundreds of thousands of dollars, are skillfully hidden by these agencies, and they do not go out of their way to actively search for the rightful owner.

Please understand these funds are held for only a brief period of time, after which the agency responsible for them may be permitted to seize them through a process called "escheatment." Private citizens losing their funds to faceless government agencies, a system rooted in feudal 16th century England, is completely unfair. The staff at Arsenal Asset Recovery is determined to prevent this from happening to anyone, especially you. Our business is to actively audit agencies for unclaimed funds, locate rightful owners, and filing all paperwork in a timely manner. There is no up-front fee ever for our service, and we are paid out of the proceeds of these found funds.

If you have received an email, letter, or call from us, it is likely we have located unclaimed funds on your behalf. Please contact our firm by calling 833-445-2800 or emailing us at support@aarco.pro for more information and to start the claims process before it is too late!

Do not allow the government to keep funds that belong to you.

Claim what is rightfully yours. Time is of the essence!