Q&A
Q: Why can’t I just go to the municipality and recover the money?
A: Municipalities will not give out information or refunds unless you know the exact date, amount, and location(s). This information is not readily available on the state’s website.
Q: What happens if the company is dissolved or no longer in business?
A: The municipality will refund the money back to the entity that posted the deposit. With proper supporting documentation AMC has the capability to complete the recovery and return the money back to the rightful owner.
Q: What are escheated funds and why should I care if the money gets escheated to the state?
A: Escheated funds are deposits that have exceeded that municipalities escheated guidelines. It has been AMC’s experience that numerous municipalities are escheating to themselves. Once they have escheated to themselves the statute of limitations has lapsed and the funds are now wholly owned by the municipality.
Q: The owner is deceased. How do we proceed?
A: The Executor of the estate can execute on behalf of the deceased.
Q: Why can’t AMC tell me where my money is or how much it is?
A: We stand alone. We are a for profit company. No other company does what we do, to the extent we do it. Painstaking research efforts go into every file in our database and our focus is strictly cash and cash convertible assets; not letters of credit, unclaimed property, overpaid taxes, or escheated funds.
Q: Why don’t the municipalities just send us the money back when the final inspection is completed, or when the deposit term date is fulfilled?
A: It is not the responsibility of the local areas to let you know when your money is refundable. In the majority of municipalities these funds earn interest.