Unclaimed Assets: The Silent Risk Facing Businesses & Estates Today
Unclaimed Assets: The Silent Risk Facing Businesses & Estates Today In today’s competitive and compliance-driven landscape, many organizations are actively monitoring risk, streamlining operations, and enhancing governance. Yet, an often-overlooked area— unclaimed property compliance —is becoming a growing threat to businesses of all sizes. Whether it's uncashed checks, dormant accounts, or escrow balances, states are intensifying enforcement, and the cost of non-compliance can be steep. What Is Unclaimed Property? Unclaimed property refers to tangible or intangible assets held by businesses that have been inactive or unclaimed by the rightful owner for a statutory period, known as the dormancy period . This can include: Uncashed payroll or vendor checks Customer overpayments Gift cards or store credits Escrow accounts and dividends Refunds and rebates Once the dormancy period ends, businesses must report and remit these funds to the appropriate state authorit...