At a Glance

Escheat Compliance Fulfillment Services, LLC (ECFS)

The last four years have seen states collectively enact over 5,200 statute changes dealing with unclaimed property. Today, fines and penalties are becoming more commonplace in the unclaimed field (Banker’s Trust was fined $60 million for willful non-compliance, other fines could total $50,000 for each item!). For many companies, escheat compliance reporting is nothing more than a cost center that can become expensive if done improperly. Most of the other “big name” companies in the unclaimed field focus entirely on compliance and state reporting, which to us is a by-product of our comprehensive policies and procedures. We focus on providing value to our clients while contractually* guaranteeing compliance. Please beware of companies offering their “services” for free, you will definitely get what you pay for.

ECFS, LLC was founded by the same person responsible for establishing state-of-the-art escheat processes at the General Electric Company (and all 5400+ subsidiaries) as well as The Walt Disney Company (and their 877 subsidiaries). The first two years GE was able to offset not only the cost of compliance but also to generate over $12 million in cash savings. Disney was able to save over $4 million during the first 2 years!! A comprehensive account analysis and due diligence process tailored specifically to each company’s needs yielded these cost savings and process improvements.

ECFS, LLC was also started to provide a much-needed resource to help combat the ever-evolving statutes enacted in each jurisdiction. In addition, the states’ are increasing their efforts to ensure compliance, including teaming up with third party auditors that are lined up and waiting to “audit” your books. We at ECFS feel there is a great conflict of interest and have a problem with auditors who are paid a percentage of what they “find”. We understand the need for states to have the right to examine a company’s books, and we hope they understand that we have a right to question the “findings” where there is a clear conflict of interest!

Our staff is not made up of just business experts, but unclaimed experts in the fields of Finance, Accounting & Treasury Management. We are members in good standing of UPPO (Unclaimed Property Professionals Organization). We speak extensively on the subject year round at various financial and cash management conferences throughout the country.

ECFS, LLC promises full Escheat Compliance while saving you money, GUARANTEED!