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Unclaimed Funds Definition

July 19, 2016

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Unclaimed Funds Definition

Financial assets that have not been used for a length of time or have unknown ownership. Unclaimed property can include uncashed payroll checks or other checks, dormant bank accounts, refunds, customer overpayments, security deposits, insurance payments, stocks and bonds, etc.

Extended Definition
All businesses must forward all unclaimed funds or unclaimed property to their state in accordance with their state’s escheat laws. The state holds unclaimed funds in trust and attempts to locate the rightful owner of the property.

Related Article:
What Are Unclaimed Funds?
What Is Escheat Law?

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