Faqs

There are many reasons that funds may become available that you are not aware of and could not have anticipated. A common example is that of a home owner or a business that paid insurance at their residence or business location over a period of time. Let’s suppose that the person or business moves to a new location and obtains insurance from a new carrier. Years after the move, a court may find that the previous insurance company over charged for its services, and orders that the insurance company provide a refund to the affected customers. The insurance company would then calculate a refund and send it to the previous address of record. Since the post office only forwards mail for six months, your refund would be returned to the insurance company as undeliverable. At that time, the insurance company is not required to spend any extra effort in locating you. After a specified period of time, by law, the funds become officially abandoned. This is only one example of many possible scenarios that might occur with vendors, suppliers, customers, and others you may deal with in your business or personal life.

There are many reasons why the party who originally held your funds may not have previously notified you. Some common reasons are as follows:

• You may have changed your address
• The holder may have an error in your address
• The holders’ records may be incomplete and disorganized
• The party who held your funds may not have an internal policy which requires them to make an effort to locate and notify you
• The holder may have no incentive to locate you and return the funds
• The holder may have gone out of business or been acquired by a new owner
• You may have an unlisted number or otherwise be difficult to find
• The holder of funds may not have sufficient information to determine that you are a rightful heir or beneficiary to funds they hold

Depending on the complexity of your claim and in some cases, which state, county, or city your funds are located, the process can take anywhere from one to several months to complete. More complex claims or claims with unusual challenges and circumstances can take upwards of six months to a year to complete.

In most cases, just a couple of items:

• A signed Recovery Agreement
• Your mailing address
• If your company engages Jax Enterprises, we will require your official title and the title of a corporate officer who will verify your position and authority to sign on behalf of the company

Once we have this basic information, we will prepare an assortment of documents that will be sent to you for signature, along with an enumerated list of items that must also accompany your claim.

Jax Enterprises does not request a fee upfront to begin the recovery process.

Once we have your signed agreement to begin the recovery process, we will assemble and send to you the claim documents for your signature. Along with the claim documents, we will provide you an itemized checklist of items that you will need to assemble. Depending on whether yours is a company claim or a private citizen’s claim, among the items you will need to provide are the following:

• Proof of identity (usually in the form of a state drivers license, passport or other state or federally issued photo ID)
• Proof of Employer Identification Number (also known as an EIN or FEIN)
• Proof of address
• Proof of entitlement to the funds in question
• Proof of authority to act on behalf of the company
• In the case of private citizen’s claims, proof of Social Security Number

Other documents may be required in support of the above, such as third party documentation proving that you resided at a specific address, or proof that you had business dealings with a particular company.

The denial of most claims can be corrected and overcome. If your claim is denied, Jax Enterprises will first evaluate the reason(s) for denial and determine what steps can be taken. If we can take steps to resolve the denial without your assistance, we will do so. If we cannot resolve the matter without your assistance, we will contact you for additional information and/or supporting documents. If together we determine that sufficient documentation has been provided and the claim is still denied, we can discuss various processes in place to address the grievance.

On rare occasion, claims are denied for reasons that cannot be overcome. For example, an Employer Identification Number or Social Security Number may not match the number remitted with the funds in question and the holder refuses to release the funds on this basis. There are other reasons that a claim could have insurmountable challenges. However, we perform exhaustive research at the inception of the claim process in order to avoid such problems to the greatest extent possible.

There are a couple of reasons that claims are partially paid. Occasionally, funds may be jointly owned, but the joint status is not provided until such time that the claim is submitted and evaluated. Another reason for partial payment could be that a portion of the claim had already been paid out to another joint owner, and again joint status is not provided until such time that the claim is submitted and evaluated. In the case of corporate claims, occasionally a holder determines that the claimant corporation does not own/control 100% of an entity for which funds are being held. In the case of heirs, a holder may conclude that other heirs may be partially entitled to the funds.