Rynoh launched its stale-dated funds tracking and reporting software, RynohEscheat.
“Developing time-saving, technology solutions to tackle laborious, manual processes is what drives us, especially when individual state regulation compliance and potential fines or penalties are involved,” Rynoh President Mary Gomez said in a release.
Rynoh’s cloud-based software communicates on outstanding funds while being compliant, according to the company. It integrates with a user’s bank account (read-only access) to keep the user informed about outstanding checks and notifies the appropriate party.
The due diligence letter feature generates a prepared letter that meets state requirements for notifying owners of their unclaimed funds. RynohEscheat also provides each state’s escheatment reporting regulations and flags errors.
“There are tens of billions of dollars in unclaimed funds in the U.S.,” Gomez said. “We want to help our clients ensure they aren’t unknowingly holding on to any of those funds.”