While New York state has plenty of financial problems, it is currently sitting on more than $9 billion in residents’ unclaimed funds.
For the last nine months, Quantum Asset Recovery, 22111 Sheridan Drive, has been helping its clients locate their money and claim it, said co-owner Brian Zirnheld.
“They can be stocks, bonds, mutuals, dividends, old bank accounts, insurance refunds, old paychecks and a number of other things,” Zirnheld said.
Between April 2007 and March 2008, $191 million in claims were made, but $531 million more was added to the unclaimed pile. The main problem with getting the money to its rightful owner lies in the fact that no one knows these funds exist. Often the money comes from a small insurance policy that people have through an employer and don’t know about, or a forgotten bank account from a relative who has since died. Misspelled names and addresses also result in money being misdirected, then filed away.
After a certain period of time, somewhere between two and five years, the money is sent to that state to wait for the owner or an heir. The documentation is all public record, but people either don’t know how to access it or have no idea they should even be looking.
Zirnheld’s company combs through those records, looking for anything owed to local residents. Quantum charges no upfront or minimum fees, relying only on a flat 15 percent commission on whatever is recovered. In return, the company takes care of all the filings that have to be processed before money can be sent out.
“We do the legwork,” Zirnheld said. “We supply the paperwork, file the claim forms and do all the follow-up involved.”
There’s no way of telling exactly how much is coming back from any of these accounts, and it takes between three and eight months to see a return depending on the type of claim filed. Sometimes the work amounts to 15 percent of a $20 check, but in rare cases it turns out to be considerably more lucrative for everyone involved.
That was the case for Tonawanda resident Lucille Rowley, who recovered a check for $16,975 through the company. Rowley said she was expecting a couple hundred dollars.
“As a senior citizen (relying) on a social security check, this is quite a windfall,” Rowley said.
In less than a year, Quantum has secured $70,000 for clients with $500,000 more sitting in file cabinets waiting. Zirnheld said he hopes to eventually expand the business across the country, but that New York has a substantially larger amount of money to be found.
Contact reporter Daniel Pye at 693-1000, ext. 158.
Local News
Related Photos
-
DOUG BENZ/STAFF PHOTOGRAPHER
-
DOUG BENZ/STAFF PHOTOGRAPHER
January 20, 2009
FINANCE: Business seeks out money stuck in state accounts
- Local News
-
-
Buffalo Suzuki Strings ensemble hitting the national stage
NT music school traveling to Minneapolis to perform at conference
- New program hopes to speed wait-times at Erie DMVs Clerk to implement "rain check" system for users who lacked all required documents on previous visit
-
Hochul returns from Afghanistan tour
Congresswoman touts contributions of female military members, Afghan civilians
-
Ghoulish convention planned at Central Terminal
Tonawanda native and Kenmore zombie lover behind event that caters to horror fans of all stripes
- NY pension fund grows
-
NT weather watcher hasn't missed a day in 30 years
Jack Kanack honored by National Weather Service for committment to documenting Mother Nature
-
NT remembers a hometown hero
Marine Lance Cpl. Timothy Serwinowski, killed in Afghanistan in 2010, is the first in a new program highlighting Lumber City servicemembers past and present.
- NCIDA lowers AES tax deal
- Town zoning code amended in Wheatfield
- Second falls jumper reported
- More Local News Headlines
-
Calif.'s Coronado Named Nation's Best Beach
CEO Salaries Become Sore Issue in Labor Disputes
Raw Video: Fight Erupts in Ukrainian Parliament
Texan Ranchers Remain Wary of Drought
Raw Video: Soldiers Plant Flags at Arlington
NJ Official: NYPD Muslim Surveillance Legal
Police: Man Arrested in Etan Patz Disappearance
Hurricane Forecast: 15 Named Storms Expected
NYC Protests: the Revolution Will Be Scripted
Chicago U.S. Attorney Fitzgerald Resigns
Neighbors of Etan Patz's Suspect: It's Shocking
Search Intensifies for Missing Louisiana Woman
Bloomberg: Man Implicates Self in Etan Patz Case
NYPD: Person Implicated in Etan Patz Death
Raw Video: Fire on Nuke-powered Sub in Maine
Illegal Burn Suspected in Nevada Fire
Obama: 'We've Got More Work to Do'
Astrologers Predict Outcome of Presidential Race
Gulf Fishermen Reel From Seafood Troubles
Stuntman Makes Skydive Without Parachute in UK
