Asset recovery companies and unclaimed property recovery: not the same thing
Updated
"Asset recovery" is a loose label. Before you hire a company that uses it, make sure it does the job you need.
Things called "asset recovery"
- Repossession: taking back vehicles or equipment for a lender.
- Debt collection: collecting money customers owe you.
- Equipment disposal: reselling or recycling old IT and office equipment.
- Fraud and judgment recovery: tracing assets for litigation.
- Unclaimed property recovery: claiming money the state holds for you.
What sets unclaimed property recovery apart
- The money is already with the State Controller; nobody is being chased.
- Fees are capped by law in California at 10%, and cannot be charged before the Controller pays.
- The work is documentary: proving ownership, authority and address, and filing correctly.
When it is the right service
If your business might have old refunds, credits, checks, deposits, bank balances or securities that never reached you, unclaimed property recovery is the right fit. California holds $691.4 million for business-type owners owed $10,000 or more.