Banks Asset Recovery

Your dormant account holders could be your greatest asset

Laurel Hill's Asset Recovery Center was designed to provide banks with the resources essential for a robust outreach Asset Recovery program to "Lost" customer accounts since the SEC 17Ad-17 ruling affecting a wide range of institutions, including banks. This creates a challenge for the financial services industry as it must now adopt a more comprehensive approach for reaching out and contacting “Lost” customer accounts. 

Our experience with asset recovery case studies has identified various factors contributed to a shareholder remaining unexchanged; many of these shareholders may be unaware that action is required, cannot be located or require guidance on legal and estate matters. Our shareholder services experience in providing unique research methods and proven communication strategies are designed for success. Laurel Hill specializes in locating these ‘lost’ shareholders, educating them on the transaction, and providing them with valuable time-saving assistance in claiming their assets. The Shareholder Asset Recovery material educates the shareholder on how to participate, expiration dates and the associated fees; inclusive of how to claim the shares outside of our service.

Customer accounts can be “lost” for a number of reasons:

  • A change of address
  • A change to the account and/or an oversight of ownership (i.e. Marriage, death and/or no longer a minor)
  • Lost statements or asset information and are unfamiliar with how to replace, or
  • A dormant account where correspondence slipped through the cracks

These “lost” customer accounts will eventually be reported to the State of domicile as abandoned property. Insurance carriers and corporations have discovered how aggressive States are when auditing “lost” assets, resulting in massive fines being imposed. Laurel Hill’s Asset Recovery Center is a proven and cost free service that can help banks avoid increased scrutiny and audits while reconnecting with past customers. Our approach is to support existing mechanisms in place that banks use to locate their “lost” account holders. As most institutions already perform searches, Laurel Hill’s expertise is in finding the “lost” holders that still exist after those searches have finished. 

Some of the features of our program include:

  • Transparency of asset and applied fees to the “lost” customer
  • Audit and reputational Risk Mitigation for your institution
  • Retention of your existing customer accounts and their assets
  • Extensive, objective due diligence that reduces escheatment obligations

Our track record of success ensures that even after you have performed a search, Laurel Hill will contact up to 80% of the “lost” account holders, resulting in up to 60% of the “lost” holders reunited with their assets at NO COST TO YOU.

To find out how we can tailor an Asset Recovery program to fit your exact needs contact