Unclaimed Money For Your Business
Thousands of Businesses Have Unclaimed Money Waiting
Are you a small business owner? Businesses own some of the highest valued stashes of unclaimed money in the US. A recent record-setting claim of more than $7 million from a single Illinois-based company sets the stage for a new nationwide effort to help businesses cash in on their forgotten fortunes.
It seems that every time we turn around there’s another story about unclaimed money hitting the news wires. Americans everywhere are all smiles as they lay claim to their piece of the estimated $100 billion in lost cash and property held by state, federal and private agencies. But few of these big news stories mention the fact that businesses make up a big part of that $100 billion dollar pot of gold. From the mom and pop pizzeria to the publicly held corporation, billions in lost cash await discovery but the rightful owners. Businesses are much less likely to actually carry out a search for unclaimed assets; either because they are too big to notice or because they just aren’t even aware of the possibility.
A recent discovery in Illinois resulted in an $8 Million dollar payday for a single corporation. And at a time when many businesses are cutting back and trying to eke out a profit, a sizeable unclaimed money find can make the difference between a profitable year and closing the doors. UnclaimedMoneyDiscovery.com recently completed a study in the State of California and found business claims for unclaimed property averaged more than $3,000 and went as high as $1 million for one lucky company. It’s hard to imagine that much cash going unnoticed, but it’s a reality. And the volumes of unclaimed funds and property flowing into all 50 States right now is at an all time high. State treasuries have neither the resources nor the manpower to try and track down the rightful owners of this lost cash.
How does this mountain of unclaimed money materialize? For businesses, these funds come from many different directions. There are funds from payroll accounts, utility companies, unclaimed office rent deposits, uncashed vendor checks, postal deposit accounts, unused insurance premiums, workman’s comp refunds, pension accounts, uncashed payroll checks and dozens of other sources. Often times, the business has moved or the original refund became misplaced inside their accounting departments. In other instances, funds are simply missing key pieces of information and automatically turned over to the state by the holder in accordance with the state’s unclaimed money statutes. But the bottom line is that unless the owner of the funds comes looking, chances are pretty good that all that cash will gather dust into eternity.
Locating these lost funds isn’t as difficult as one would think. Savvy business owners can score a free professional search from a company that specializes in tracking down lost business assets. Business searches are a little more detailed and are done manually, so a toll-free phone call will be required. Expert asset detectives will perform a preliminary search for any business right on the spot. Of course, don’t forget to ask for a free personal search at the same time. Chances are, there’s some unclaimed cash waiting right now!