What Happens to My Money After My New York Collection Attorney Collects it?

2.JPG (1)Great news! Your collection attorney has recovered part or all of the monies owed to you.  Now that these funds have been recovered, you may be wondering what’s next. Here are some questions we frequently receive, and our answers regarding the process.

Where will FFGN deposit the money?  

Monies received on a claim are deposited within 48 hours into our client trust account –– Interest on Lawyers Trust Accounts (IOLA) account –– at a commercial bank in New York. Should you do business with us; more specifics on the bank will be provided.

The account accrues interest. However, all interest earned goes directly to New York State and becomes part of a fund.

How long does it take for the check to clear?

The monies, unless certified via bank or wire, are generally held for 10 days until they clear. Our bank suggests waiting those 10 days to avoid returned checks or other fraudulent activity.

When can I expect to receive a remittance?

After waiting the recommended time, monies can be remitted to you, the client. Remittance can be made by check or wire to the person or company named creditor in the underlying paperwork or lawsuit.