Florida Unclaimed Property

For Businesses

Businesses in Florida are required to report unclaimed property that has been inactive for three to five years, depending on the type of asset. Common examples include uncashed payroll checks, unclaimed customer deposits, and abandoned accounts. Businesses must also notify owners before reporting the property as unclaimed (Florida Statutes § 717.117).

Before reporting unclaimed property, businesses must conduct due diligence to locate the owners. This generally includes sending written notice to the last known address of the owner at least 60 days before reporting the property to the DFS (Florida Statutes § 717.119).

Businesses must submit their unclaimed property reports by May 1 each year for property that is unclaimed as of December 31 of the previous year. The report must include the names and last known addresses of the owners, as well as the amount and description of the unclaimed property (Florida Statutes § 717.117).

Failure to comply with Florida’s unclaimed property laws can result in penalties, including fines and the potential for legal action. The Florida DFS may conduct audits and require businesses to provide documentation related to unclaimed property (Florida Statutes § 717.124).

Businesses can reclaim unclaimed property by filing a claim with the Florida DFS and providing necessary documentation to prove ownership.

Businesses do not have a time limit for claiming unclaimed property but must comply with reporting and due diligence requirements to avoid penalties.

For Individuals

In Florida, unclaimed property refers to any financial assets that have been abandoned or inactive for a period of time, generally three to five years, depending on the type of asset. This can include bank accounts, uncashed checks, insurance benefits, and stocks.

Under Florida law, holders of unclaimed property (including banks and financial institutions) must report and remit unclaimed property to the Florida Department of Financial Services (DFS) annually. The deadline for reporting is generally May 1 for property that is unclaimed as of December 31 of the previous year (Florida Statutes § 717.117).

Individuals can search for unclaimed property by visiting the Florida DFS website. If they find property that belongs to them, they can file a claim online by providing proof of identity and ownership, such as a government-issued ID, account statements, or other relevant documents.

Once a claim is submitted, the Florida DFS will review the claim and may request additional documentation. Claims are typically processed within 30 to 90 days, depending on the complexity of the claim and the documentation provided (Florida Statutes § 717.138).

Individuals can claim their unclaimed property at any time; there is no statute of limitations, and the property remains available until claimed.

Why Use Asset Reunite Partners?

We provide a hassle-free alternative to searching & filing claims independently and maximize your chances of claims approval. Our company is well-respected in the industry and has established strong connections with unclaimed property administrators, attorneys, and other key professionals.

Extensive & Ongoing Search

Our team is able to uncover assets from overlooked and often unknown sources by leveraging cutting-edge research tools, extensive agency partnerships, and our proprietary database. We provide isolated searches as well as ongoing audit coverage for individuals and institutions on the receiving end of unclaimed assets.

High Success Rate

Don't risk delays and legal expenses in claims that get rejected. Our team knows the in's and out's to get your money promptly without need for all the back and forth paperwork and associated costs.

Instant Payment

Our streamlined method ensures an accelerated claims process that delivers significant recoveries. However in certain cases/jurisdictions, there may be lag on the part of the government. Depending on the claim, you may have the opportunity to participate in our claims purchase program, where we buy the right to a claim in return for upfront cash.

At Asset Reunite Partners, our dedicated team works around the clock to promptly resolve problems and answer questions.

Dedicated Support

Let us help you simplify your asset recovery process.

Reach out for expert asset recovery assistance today.