CityVestFinancial.com

FAQ's


Q: How do you gather your information regarding unclaimed and abandoned assets? 

A:  We review government ledgers every month for stale dated financial instruments.  We also search state government's databases for all escheated assets for which they are custodian.  We, unlike most other recovery companies, have access to both private and public companies that are holding assets which they have yet to escheat to the state treasuries.

Q: How do you identify the rightful owner of an unclaimed or abandoned asset?

A:  We have an in house staff that performs all of our research.



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Q: How do you know if you have the a rightful owner:

A: We carefully research the origin of an asset being held by a custodian and trace a trail to the rightful owner.  In some cases the rightful owner maybe an heir or a successor business entity.  We make absolutely sure that our client, the claimant, is the rightful owner prior to any contact with the custodian holder.

Q: Once you find the rightful owner what does the process entail?

A: We present the rightful owner with a written contract stating the terms and conditions of our services.  A separate empowerment document is presented to the rightful owner to execute which empowers Cityvest Financial to represent the rightful owner with the custodian holding the asset.  This empowerment document is usually in the form of Limited Power of Attorney allowing us to act as the rightful owner's Agent.

Q: What is meant by a Limited Power of Attorney?

A: The Limited Power of Attorney allows Cityvest Financial to act on behalf of the client, as the client's agent, with the custodian holder.  Once we contract with a client we disclose to our client the custodian holder and additional details regarding the asset.  This is necessary in order to properly link the rightful owner with the asset.

Q: What if once you disclose the details regarding the asset to the rightful owner, the owner informs you that they are aware of the asset and they were going to pursue a recovery on their own?

A: This does happen on occasion.  When it does we have the client establish their knowledge of the asset by presenting us with written documentation such as recent correspondence with the custodian or even with information that the client has had contact with the custodian be it verbal or written.  If we contract with a large company and we subsequently are informed that a separate department of the company is already aware or in process of recovering the asset directly with the custodian, we ask for verification of the facts and immediately release the client from the contract.  We are not interested in collecting a fee unless we have actually provided our client with a valuable service. 

Q: What if once you have contracted with a client and disclosed the nature of the asset and the custodian holder and the client wants to perform the recovery themselves?

A: We allow the client to pursue the recovery and we act as a consultant in the process.  Once the recovery is completed we invoice the client for the contracted fee.  In most cases the identifying of the asset and informing the client as to the custodian holder is the valuable part of our service. 

Q: How are your fees established?

A: Our fees are negotiable.  We never charge any advance fees for our full recovery services.  More importantly, we do not consider our fee earned until and unless a full recovery is performed and completed. 

Q: What if your company incurs expenses trying to recover an asset and you are unsuccessful?

A: Again, no expense or fee is charged to the client.  The expense incurred, if any are our risk and our risk alone.

Q: Is the notification service fee refundable if the asset is not recoverable.

A: Yes, 100% if the asset is not rightfully yours or if the holder refuses to return the asset.

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