Frequently Asked Questions
What are unclaimed funds exactly?
As defined by the National Association of Unclaimed Property Administrators, Unclaimed or “abandoned” property refers to property or accounts within
financial institutions or companies—in which there has been no activity generated (or contact with the owner) regarding the property for one year or a
longer period. After a designated period of time (called the dormancy period) with no activity or contact, the property becomes “unclaimed” and must be
turned over to the State by law. Examples of unclaimed property may include uncashed checks, stocks, security deposits, customer over payments to name a few.
What does unclaimed funds have to do with me?
It is estimated that 1 in 7 Americans have unclaimed funds. In other words, approximately 14% of Americans have funds that are being held by a State government
which are rightfully theirs. In addition, most Americans who can make claim to these funds have no idea that their funds exist
I was contacted by someone claiming I have funds owed to me. Is this legitimate or is it a scam?
In this modern age, you need to be suspicious of those contacting you regarding unclaimed funds (or any other solicitation). However, you can easily verify
whether or not the claim is true. You should always do your due diligence to ensure the person or company asking for your business is legitimate
If the State holds these funds, why aren't they contacting me?
The duty to notify individuals falls to the companies or entities that hold the unclaimed funds. These companies try to get a hold of owners, but for a wide array
of reasons (individuals don't keep contact information up-to-date, owners are deceased, incorrect beneficiary information, etc) the companies cannot reach the rightful owner.
These firms must ultimately turn over the funds to the State for safe keeping.
How long does it take to get my funds?
It can take several months to process and receive funds, depending on how complicated the particular case is
Do I need AR Powers (or any other recovery firm) to receive my funds?
No, you are able to claim funds on your own. Any firm that tells you otherwise is not being truthful. However, the process does require diligence, proper documentation,
communication and follow up with the State to make claim. AR Powers can navigate this process to ensure you expend minimum effort over claiming your funds
How much is it going to cost me to recover my funds?
Funds recovery will cost you nothing on the front end. A firm like AR Powers will work out an agreement for a finder's fee, but the fee depends on the State involved.
However, honest firms will charge you nothing up front. In the event a claim fails (for example, you are not the rightful owner or you don't have the documents to prove
your ownership), you will not be out any money.
My claim says it is valued at "Over $100" How much is it actually worth and is it worth my time?
While some states are upfront and offer details (including the value) of property, many do not and use nebulous categories to conceal what owners are truly owed.
Ultimately, with the information provided, owners may not be interested in the time investment of dealing with the State to recover an undisclosed amount of funds.
AR Powers a solution to purchase the ownership of unclaimed funds, provide our clients with a known amount of cash much faster than what the State can provide.
