We estimate that nationwide, companies underreport their unclaimed property obligations by nearly $2 billion each year. Over time, these non-reported funds may be permanently lost, resulting in the owners never finding their money.
What is unclaimed property? It typically refers to funds that the owner has forgotten about, lost touch with, or never knew existed. After several years, companies in possession of unclaimed property are required to try and locate the owner and reunite them with their property. If they cannot be found, they are further required to turn the funds over to state unclaimed property departments, who continue to search in perpetuity until the owner or their heirs are identified.
Verus provides state unclaimed property departments with turn-key, technology-driven auditing and recovery services.
We currently serve the needs of 48 state unclaimed property departments. Working with these agencies, our efforts have led to the return or reunification of over $8 billion of previously unreported unclaimed property.
Verus focuses on unclaimed property audits of large, complex corporations. We typically represent dozens of states in audits that require an in-depth forensic investigation, the analysis of massive amounts of individual account and transactional data, and a deep understanding of the relevant unclaimed property laws. Our ability to conduct these audits is due to our cutting-edge technical capabilities and deep bench of auditors, analysts, and attorneys.
When we began operations in 2007, the initial focus of our audits was on the life insurance industry. Our efforts eventually led to a number of high-profile agreements covering over 75% of the life insurance industry in the United States (by premiums written)—which in turn resulted in the return of billions of dollars of previously unpaid death benefits for millions of families.
The People We’ve Helped
We’ve helped states recover billions of dollars in unclaimed property for millions of families. Very often, these funds are life changing—check out some of their stories.
Interested in learning more about Verus Unclaimed?
Contact us at firstname.lastname@example.org