Why are financial service companies not locating beneficiaries themselves?
Financial Services companies do search for beneficiaries but it is a costly time-consuming process which often delivers limited success. The onus is on beneficiaries contacting the financial services companies to ensure their records are always updated. Benefit Recovery Services believe we can facilitate this service at a more cost effective level doing it for multiple companies.
How could I have unclaimed monies that I am unaware of?
You may not think that you could possibly have any unclaimed monies of which you are unaware. The fact is, however, that there is over R8bn worth of unclaimed monies in South Africa. This clearly means that this occurs a lot more frequently than you would imagine. The main reasons for this situation are the increased mobility of individuals and the complex world of financial products resulting in major misunderstanding in the market. We have discovered lost funds in many cases because relatives never informed people of investments or accounts in their name. If you have ever owned a house, belonged to a pension fund, or taken out a policy you could well have monies owed to you.
How long can it take to get any unclaimed funds?
The typical time taken to successfully reunite someone with lost funds is between 1 and 6 months. It is longer in terms of pension fund surplus payments where pension funds have between 1 and 5 years to make payments. We commit, however to stay in contact with you during the process. Once you are registered with us you will start a process of being continuously cross-referenced against information from financial service companies.
What are the fees involved?
Our fees have been designed to be completely dependent on our level of success on your behalf. We will charge an administration fee on any non-pension fund monies that we find and successfully reunite you with. In the case of pension funds we will be paid directly by the pension funds and our fees will not affect your benefit at all.
How safe is my information?
The information provided by you will be kept confidential and will only be used for the purpose of reconciling you with potential unclaimed monies and updating your contact information. Any information we receive will be kept confidential by Benefit Recovery Services and only used as described in our Terms and Conditions. The integrity of our business model is based on us not using confidential information for any other purposes and all necessary documentation is in place to ensure this.
Who pays me any recovered monies?
Benefit Recovery Services do not handle any monies and all payments are done either by the financial service company or a pension fund. Benefit Recovery Services only receive payment after you have been paid.
So what's the catch?
There really are no catches! We endeavor to match you with any monies we are aware of that are unclaimed and it is as simple as that. We are clearly confident of this fact and there is no way we would feel comfortable with only being paid on success if we weren't confident that we wouldn't be succeeding often.
What is the process?
- Firstly you must begin by registring all your details to create your own personal record. The more information we have the better the chances of us finding you when we are made aware of unclaimed monies.
- Once you have completed your registration Benefit Recovery Services then begin to cross-reference your records with our continually growing unclaimed monies database to find a possible match.
- When a match is found we will contact you to inform you of the good news. This is why it is essential you update us if any of your contact information changes.
- Once it is positively confirmed that the money belongs to you and your identity has been verified, the paper-work process starts so you can be paid these monies.
Can I register other family members?
You are most welcome to register other family members or friends. Simply let them either register on 0867277000, send us their details via email at join@brs.org.za or register on our website www.mycash.co.za.
How many times will a search be done?
The search process is an ongoing one that we will continue matching your details against our unclaimed monies database. Our unclaimed monies database is constantly growing as more financial service companies submit further information. Your details will be cross-referenced each and every time we receive new information. Even after we recover money for you, there is always a potential of another match taking place and further money can be recovered.
How will I be notified of any monies due to me?
We will contact you through the contact information you have used on your personal record. This is why it is important to put as much accurate information into your personal record as possible.
Why should I keep my registration updated?
Your registration and personal details hold the key to matching you to any monies that are unclaimed, and therefore the more accurate and comprehensive your details the better we are able to help you.
Am I too late to register?
We keep our unclaimed money database records until we have recovered that amount of money. So you can still register with the understanding that we will add you to our system immediately and start the process of matching you against our database of benefits.
Certain financial service companies have deadline dates to find people (e.g. Old Mutual & Sanlam demutualisation Shares, etc) so our message is clear: register AS SOON AS POSSIBLE.
Does Benefit Recovery Services guarantee to find my money?
As explained we cannot give anyone any guarantees, but we are committed to finding as many beneficiaries as possible in the shortest space of time.
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