NEW COMPANY FINDS HEIRS OF ABANDONED ACCOUNTS

Seth Schorr, a well-known player in the hospitality industry, is fostering a new type of venture in Las Vegas.

Schorr, through his company named Dunbar LLC, is working with banks, brokerage firms and other financial institutions to locate the owners or heirs of abandoned accounts. These accounts can sometimes be valued at hundreds to tens of thousands of dollars, even greater amounts on occasion.

That’s where Schorr said he and his staff at Dunbar come in.

The company works with banks across the U.S. Typically, banks must surrender funds from abandoned accounts after three years of inactivity to the state where an account holder was last known to reside, he said.

But before that happens, banking institutions that work with Dunbar give the company information on accounts six months prior to when banks must surrender the assets to the state. If the person is deceased, Dunbar will work to find an heir to the asset.

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