Frequently Asked Questions
There are many questions asked by prospective clients of Chatham Power. We hope that these answers assist you in understanding the service we provide. If you have any further queries, please contact us.
Is this a legitimate offer?
Yes. As a Chartered Accountancy firm, we are held to strict ethical and professional standards. All monies are handled through an externally audited Trust account which ensures further accountability. We only apply our service charge upon successful recovery of the money. Our offer to reclaim you money also comes with a no refund, no fee guarantee.
Why is there a fee?
We have incurred costs in locating and notifying you of your monies. To enable us to continue providing this service to the wider community, and our commitment to providing a properly accountable and highly professional service; we charge a fee to cover administrative costs.
How and why did you locate me?
We are keen to reunite unclaimed assets with their rightful owners. Our researchers use a number of publicly available resources to track owners down.
How long has Chatham Power been providing this service?
Chatham Power has been providing exceptional professional service in the recovery of assets for individuals, deceased estates, government bodies and companies since 1994. In this time, we have recovered millions of dollars worth of unclaimed assets for our clients, and have become the preferred professional leader in this field. We have fought for our clients at all levels to ensure they are reunited with what is legally theirs.
How can I prove my legal ownership of the unclaimed asset?
Each of the various organisations we deal with have different documentary requirements. You will be required to provide certified copies of documents to satisfy at least two criteria: a link to the last known postal address as proof of your ownership of the unclaimed asset, and proof of your identity. Suitable documentation of a link to the last known address includes driver’s licence, rates notice, utilities bill, financial institution statement, correspondence from an accountant or solicitor, etc. Suitable documentation of proof of identity includes driver’s licence, birth certificate, passport or other identity card. If the unclaimed asset belongs to a deceased estate, a certified copy of the Grant of Probate or Letters of Administration must also be supplied.
What is a certified copy, and why is it required?
A certified copy is a photocopy of an original document that has been signed as a “true and correct copy” by a Justice of the Peace, pharmacist, doctor, dentist, veterinary surgeon, bank manager, state school principal, solicitor, or police officer. Certified copies are required to ensure that all documents submitted to support a claim are authentic.
How long does it take to recover my asset?
Once full and proper documentation is received, we will institute immediate recovery of the assets on your behalf. For assets located in Australia, the process normally runs up to six weeks. As the asset is being sought from an outside organisation, the time frame can vary. We will keep you informed throughout the process and advise on any anticipated delays.
What protections are in place to ensure that my asset is remitted to me at all?
We are bound by the ethical and professional standards of the Institute of Chartered Accountants (ICA). The ICA regulate to ensure mandatory protections in place that ensure a fully accountable professional service, such as a certifiable quality assurance program, professional indemnity insurance, independent external audit and minimum capital backing.
Where does the asset come from, and what does it relate to?
Some areas we commonly deal with are unpresented cheques, dormant bank accounts, superannuation and company takeovers. Privacy restrictions prevent us from disclosing the full details of the asset until we can confirm that you are the rightful owner.
What happens if I employ Chatham Power, but the asset is never recovered?
If the asset is never recovered, there is no fee payable, and you will be notified in writing.
How are fees paid?
Fees are not paid until the asset has been recovered. When the recovery is confirmed, we will commence the fee payment process. In Australia, the cash portion of the asset is deposited in the owner’s name into our independently audited trust account. Our fee is then deducted and a cheque for the remaining balance is forwarded to you. We will then contact you to make appropriate arrangements to deliver the asset and receive our fee. In all cases, a full report will be provided containing the known details of the source and nature of the asset.
What do I do if I receive a letter from another company offering a similar service?
It is important that you carefully examine the professional standing of any company that may contact you. Check the qualifications, experience, credentials, professional indemnity and vital independent auditing of any company you are considering appointing custodian of your money. If you have any queries, please do not hesitate to contact us. To ensure that you receive the best possible service, we are happy to match any fee quoted by another company for the same service. To give you the best value, we will also reduce this fee by a further 5%.
I am not the person you are looking for, or I think I know how to get in touch with this person or his or her next of kin. What should I do?
If you receive a letter, but are not the rightful owner of the unclaimed asset, please let us know. We will update our records to ensure that no further correspondence is directed to you. If you know how to contact the rightful owner (or the next of kin), please advise us so that we can correspond with him or her, or if preferred, forward our letter to the owner directly.
What happens if I do nothing about this unclaimed asset?
If you choose to take no action, the asset will remain unclaimed. If an asset is unclaimed for an extended period of time, it is often transferred to the government. Often, no interest is payable on funds held in trust by the government, and these funds are eventually absorbed into the government’s consolidated revenue.
What if I have further questions?
Our staff are happy to assist you with any further queries. Please do not hesitate to contact us.