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.
Unclaimed Funds 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.
What Is Escheatment? | Patriot Software
Last Updated By
Jenna Hutkowski | Apr 18, 2023