Introduction
Several provincial governments, including Quebec, are actively implementing processes that will enable them to recover hundreds of millions of dollars in unclaimed financial products from the holders of these assets.
They are enacting laws that provide them with all the necessary tools for their auditors to begin auditing and assessing defaulting holders, charging them significant penalties, and, most importantly, accruing interest on the unreleased assets.
Our Service
Develop or enhance within your organization a system for managing your unclaimed financial assets, specifically:
1- Identification of assets;
2- Analysis and compilation;
3- Owner research;
4- Delivery of assets to the government in case of loss of contact with the owner.
What is an unclaimed asset?
Here are some examples:
Positive credit card balances
Uncashed checks
Unpaid wages
Overpayments and refunds
Security deposits
Trust deposits in a real estate transaction
Amounts payable under a life insurance contract
Amounts payable under a retirement plan
Deposits in a provincially regulated financial institution, such as a credit union
Investment accounts
Expertise in business intelligence
Difference Plus has expertise in business intelligence that allows it to assist you in extracting, analyzing, and compiling data from management systems. Various automations through scripts can be implemented to consolidate all interactions with your clients in one place and determine which ones need to be contacted to confirm their continued existence.
Reunite owners of unclaimed assets with their holdings.
The ultimate goal of this process is to reunite owners of unclaimed assets with their holdings.
Lack of time and resources often prevents organizations from finding and contacting their account holders, clients, investors, members, or participants in a retirement plan. However, account holders have a legal obligation to make necessary efforts to locate the rightful owners of these various assets. They must also provide evidence of having made such efforts.
Once the steps of analysis and compilation are completed, Difference Plus will take care of searching for the rightful owners of the unclaimed assets you hold.
With 28 years of experience in reuniting rightful owners with their unclaimed financial products, Difference Plus has the resources to help you locate the sought-after individuals and build an organized database to avoid losing contact in the future.
For the unfortunate holders who cannot be found, we will move on to the next and final step of the process: remitting the assets to the governments.
Data conversion tool
Governments are extremely interested in getting their hands on the unclaimed assets you hold. For example, interest earned on unclaimed assets held by the state of Delaware represents the third-largest source of revenue for this U.S. state!
When an entity needs to remit more than ten inactive accounts, governments require that the data be transmitted in a specific format, accompanied, of course, by the appropriate forms. Difference Plus will also take care of these procedures with a data conversion tool that we have developed. This tool is currently accepted for remittances to the governments of Quebec and New Brunswick.
To whom is this service addressed?
Particularly, but not exclusively, to the following entities:
Credit unions and savings banks
Other financial services cooperatives
Life insurance companies
Municipalities
Notaries
Lawyers
Full-service advisors
Executing brokers
Full-service brokers
Detention centers
Government departments and agencies
Collective investment firms
Retirement plans
Joint committees
Pre-arranged funeral services
Collective fund organizations
Travel agencies
Hospitals
Certified public accountant offices
Real estate brokers and agents
Savings companies
Bailiffs
Trust companies
Workers’ funds
Scholarship fund offices
Investment contract offices
Other legal entities