Unclaimed Customer Funds Notice from Bill.com
In an effort to return unclaimed funds/property to customers that have used Bill.com, where payments were never completed but funds were debited, we are working with Keane to inform customers of funds that you can claim. Keane is reaching out to customers via letters in the mail and phone calls. To respond to a letter or missed phone call please call 877-455-4746.
What is Unclaimed Property?
Unclaimed property is a liability that remains outstanding beyond a specified period of time. These liabilities may be outstanding because the owner changed address or appears to be unaware of the liability.
State laws require that businesses file an annual report of these outstanding liabilities and ultimately transfer, or escheat, the property to the state
How does Property Become Unclaimed?
Through the normal course of business, all companies generate financial liabilities owed to another party. These include payroll checks for its employees, payments to vendors for goods and services, rebates, refunds, and other payments.
For publicly traded companies and financial services companies, this may also include dividend checks, shares of stock, bank accounts, mutual fund accounts, brokerage accounts, and proceeds from life insurance products.
What is dormant property?
Typically, this means a financial asset to which your ownership has become disconnected. When these financial assets or liabilities remain uncashed, outstanding, or the owner has not accessed their account in a given period of time, the property is considered dormant, abandoned, or unclaimed. This period of time, also known as a Dormancy Period, is different depending on the state, the type of property, and other factors or safekeeping until the ultimate owner comes forward.
There are over 100 different asset types that can fall into this category, including bank accounts, shares of stock, mutual funds, insurance proceeds, or brokerage accounts. Whatever it is, you either don’t realize that you are disconnected from the asset – or never even knew that you were its rightful owner in the first place
What are due diligence mailings?
Unclaimed properties due diligence mailings are notices that states require to be sent to the last known address of the owner of a property as indicated in the holder’s records. The purpose of the requirement is to give the owner one last opportunity to claim their funds or reactivate their account before it is turned over to the state.
Why did I receive notification?
We are attempting to contact you because our records indicate that we hold funds belonging to you from unsuccessful disbursement. These funds become dormant due to lack of information or incomplete information to process payment. This notification is intended to reunite funds to its rightful owners.
What do I need to do to prevent my funds from going to the state?
In order to maintain active ownership of the funds and prevent the transfer of these assets to the state, you must take documented action to update your account. This may include responding to this notice, contacting the company on the contact information provided in this notice, or updating the account information.
What happens if you do not respond and the funds get turned over to the state?
In the event your funds are reported and remitted to the state, you will need to initiate a claim with the state identified in your due diligence letter. The state will require you to submit proof of your identity and in some cases, proof of ownership. Once the funds are reported to the state, the money is typically placed in the state’s general fund, with a reserve set aside to pay claims as needed. It is important to remember that the state maintains a custodial role regarding escheated funds, in that they are “stepping into the shoes” of the rightful owner until they, their heir, or beneficiary comes forward to claim the property.