The Unclaimed Financial Assets Authority (UFAA) was created to administer unclaimed financial assets. The primary mandate of the authority is to receive unclaimed financial assets from the holders of such assets, safeguard and re-unite the assets with their rightful owners. You do not lose any financial assets once remitted to UFAA. UFAA on behalf of the government exercises responsibility as “Bona Vacantia” (holder of assets in the public interest) and guarantee you an indefinite right of reunification.
Any person can have unclaimed assets considering you may have put in a deposit in a bank, rented a facility or earned wages. You may have been curious about where the money in the accounts of your loved ones go in the unfortunate event that they pass on. The holding institution i.e bank, insurance company, business, etc. which is in possession of a financial asset on behalf of an owner will identify, segregate, report and remit unclaimed assets to UFAA.
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In the event that an owner of a property does not take any action during certain duration by law, to indicate his/her ownership, interest, or awareness, that property will be regarded as unclaimed. As a result of such developments, it then comes a responsibility of the holding institution to report it to the proper state agency (UFAA). The modern rationale for such an arrangement is that the state can best preserve and protect the interest of the rightful owner and possibly reunite the owner with his/her property.
According to the Unclaimed Financial Assets (UFA) Act, unclaimed assets have to meet the following conditions:
Note: Assets are considered “abandoned property” when they appear to have been forsaken by their owner by virtue of no generated activity and to which it is presumed the owner has relinquished his or her interest to the property without vesting such interest in another person or entity.
Examples of unclaimed assets include:
No. | Asset | Duration of abandonment |
1 | Traveller’s cheque | 2 years from the date of issuance |
2 | Money order or similar written financial/ monetary instrument | 2 years from the date of issuance |
3 | Cheques, drafts or similar instruments | 2 years after it was payable or after its issuance |
4 | Demand, savings, matured time deposit, funds paid towards the purchase of a share, mutual investment certificate, any other interest in a financial institution | 5 years |
5 | Life or endowment Insurance policy or annuity contract | 2 years after the funds become due |
6 | Assets as a result of demutualization of an insurance company | 2 years after the date of the demutualization |
7 | Deposit for utility services e.g. electricity, water, etc. | 2 years after termination of the services |
8 | Order by a court for refund by holder | 2 years after it became payable |
9 | Ownership interest | 3 years |
10 | Assets from dissolved business entity | 2 years |
11 | Assets held in a fiduciary capacity | 2 years after they become payable |
12 | Gift certificate, gift card or credit memo/note | 5 years |
13 | Unpaid wages | 1 year after they become payable |
14 | Assets held in safe deposit box or repository | 2 years after the lease or rental period on the box or repository has expired |
A person claiming an interest in any assets paid or delivered to UFAA may file with the Authority a claim as prescribed by the authority. The Authority shall consider each claim within 90 days after it is filed and shall give written notice to the claimant of its decision. Where a claim is allowed, the authority shall pay over or deliver to the claimant the assets or the amount the Authority actually received or the net proceeds if it has been sold by the authority. A person who is aggrieved by a decision of the authority or whose claim has not been acted upon within 90 days after its filing may bring an action in court against the Authority.
Here are ways to prevent your assets from becoming unclaimed.
The requirements to meet in order to claim unclaimed financial assets from UFAA are detailed below.
1. Claiming by original owner
Where the owner is claiming, the following are the requirements:
2. Claiming on behalf (Beneficiary/Deceased cases)
Where the claimant is not the owner but has or asserts a legal right to an unclaimed asset, the claimant shall submit to the Authority the following:
3. Claiming on behalf of a minor
Where the claimant is claiming on behalf of a minor who is an original owner, the following are the requirements:
4. Claiming on behalf of a business entity
Where the claimant is claiming on behalf of a business entity, the following are the requirements:
5. Claiming on behalf (where the owner is alive/agent for the owner)
Where the claimant is not the owner but is claiming as an agent on behalf of a living owner, the following are the requirements:
According to Unclaimed Financial Assets Authority (UFAA), heirs should constantly check for the status of deceased relatives. You can only claim this money if you are the executor of the will or personal representative. The documents to be provided by the next of kin depend on the circumstance of the customer’s death. Furthermore, anyone can have unclaimed assets so it is advisable for people to constantly check their status. Also, there is no limit for lodging a claim with UFAA. Owners can claim their assets at any time.
Find out how you can reclaim personal or loved ones’ assets.
Claiming instructions
How to make your claim
How to track your claim
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