Verus serves as a contract auditor for 48 unclaimed property departments. Combined, they represent over 97% of the U.S. population.

Unclaimed property

Unclaimed property (also known as abandoned property) refers to accounts that companies are holding that don’t belong to them but rather to individuals or other companies with whom they’ve lost contact.  Often individuals aren’t aware that companies have unclaimed property belonging to them. Examples of unclaimed property include savings accounts, stocks, uncashed checks, refunds, traveler’s checks, trust distributions, insurance proceeds, certificates of deposit, security deposits, and royalty payments.

In the US, companies are required to remit unclaimed property to the state of the last known address of the account owner if they aren’t able to return the property to the actual owner. In their custodial capacity, states are required to hold unclaimed property for its citizens indefinitely so that they can claim the full amount due to them at any time. Until they are claimed, some state unclaimed property funds can be used for the benefit of all state citizens, in some cases making public improvements and reducing student loans.

Our solutions

Verus provides state unclaimed property departments with turn-key, technology-enabled auditing and recovery solutions. We focus on complex audits of large institutions that combine in-depth financial forensic investigations, the analysis of massive amounts of information, and complex legal and statutory analysis. Our activities often result in changes in business practices that significantly benefit consumers. Verus’ ability to perform large-scale, complex unclaimed property audits is due to our cutting-edge technical capabilities and deep bench of auditors, investigators and attorneys.

Coverage

When we began operations in 2007, the initial focus of our audits was on the life insurance industry. Our efforts eventually led to a number of high-profile agreements covering over three quarters of all life insurance policies issued in the United States. These agreements led to the identification and return of billions of dollars of previously unpaid death benefits for millions of families. Want to learn more? Our success in the life insurance industry has been covered in the press by 60 Minutes, the Wall Street Journal, and Life & Health National Underwriter.

Since our beginnings in life insurance, we’ve significantly expanded the number of industries in which we audit companies for unclaimed property. Today, we are active in the securities, health care, banking, and retirement industries, among others.

The Lives We Changed

The work we’ve done has helped reunite or escheat over $7 billion dollars in unclaimed property for millions of families. Very often, these funds are life changing—check out some of their stories.

The Lives We Changed

We’ve helped states recover billions of dollars in unclaimed property for millions of families. Very often, these funds are life changing—check out some of their stories.

Partners and Affiliates

NAST
National Association
of State Treasurers
NAUPA
National Association
of unclaimed property
Administrators
Sifma
Securities Industry
and Financial Markets
Association
AICPA-SOC
American Institute
of CPAs - Service
Organization Control