Many financial institutions have a statement on their websites that reads something like this: “If you think you might have a dormant account with us, contact us.” This statement assumes that individuals know where to look and how to navigate the process but this assumption is far from reality.
On the surface, this seems straightforward, but in reality, it poses a daunting challenge for individuals seeking to claim forgotten assets.
Many dormant accounts were forgotten by the claimants’ ancestors, leaving current generations with little to no information. Without specific details, such as the institution’s name or the account type, individuals often have to rely on guesswork or luck.
There are tens of thousands of financial institutions globally. With banks, funds, investment firms, or insurance companies in every corner of the world, the sheer number of possibilities makes it nearly impossible for individuals to know which financial institution to contact.
For an individual, determining which financial institution might hold a dormant account linked to their ancestors is an overwhelming task. With no central database of dormant accounts, people are left to just guess where to start.
Imagine the case of someone searching for an account linked to an ancestor who migrated multiple times. Over 70% of the global population has migrated at least once in their family history. So many dormant accounts are held in countries foreign to the claimant. Over centuries, migrations, spelling conventions, and language changes have altered how names are written and recorded.
A name or surname could have been shortened, hyphenated, or translated entirely into a different language.
For example, someone named “John Smith” in English could also be recorded as “Johann Schmidt” in German or “Giovanni Smit” in Italian.
To account for these variations, a claimant might need to try dozens of combinations. Multiply this by the number of potential institutions, and the effort becomes unmanageable.
Imagine trying to send an application to hundreds of financial institutions for every possible variation and combination of an ancestor’s name – it’s simply unrealistic.
Let’s break this down:
- Name Variations: Ancestors may have adapted their names to fit local customs. Searching for every combination, such as “John Smith”, “Johann Schmidt”, and “Jean Smeets”, would require sending out hundreds or even thousands of requests.
- Lack of Information: Often, individuals don’t have enough information about their ancestors. The account holder may not have passed down records or even mentioned the existence of the account.
- Volume of Institutions: If someone wanted to check all possible financial institutions, they would face an astronomical number of requests. For example, there are over 4,000 banks in the U.S. alone, not to mention global institutions. It’s simply unfeasible to contact each one.
- Response Times: Financial institutions can take anywhere from 30 to 120 days to respond to a single inquiry. With thousands of requests to send, this process could span decades.
Given these challenges, it’s no surprise that many people don’t even attempt to contact financial institutions.
How WIOLP Works
WIOLP aggregates information about dormant accounts from financial institutions worldwide into a single global, searchable database.
Instead of contacting thousands of financial institutions individually and guessing which financial institution might hold an account, claimants can search in one place WIOLP’s database using their ancestors’ names. The platform’s AI-powered search tools can handle multiple name variations and account for linguistic and cultural differences. This significantly reduces the time and effort required to locate dormant accounts.
WIOLP’s algorithms automatically generate potential name variations based on migration patterns, language changes, and spelling conventions. This eliminates the need for users to manually think of and search for every possible variation.
Even if claimants have limited information about their ancestors, WIOLP’s database and intelligent search tools can uncover potential matches based on partial data.
The platform is designed for global accessibility and intuitive tools that make it easy to use, even for those unfamiliar with financial systems.
Instead of waiting months for responses from individual financial institutions, WIOLP provides real-time potential matches. Users can review these results, refine their searches, and add new information as it becomes available.
With WIOLP, reclaiming dormant accounts is no longer a matter of luck but a matter of access.
Maintaining trust with customers, complying with regulations, and recovering dormant assets are all key to an institution’s long-term sustainability.
WIOLP empowers financial institutions to recover dormant accounts and unlock their hidden potential. Let’s start the conversation – Book a meeting
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Register now and find lost inheritance left by your ancestors in financial institutions.