Unclaimed Property

Q. I would like to know if other panelists within their job functions have outsourced escheat functions either the whole process or some of the processes and any feedback you all have on this such as… Read More

Q. I am reaching out to inquire about the specific process and accounting procedures for escheatment. Our organization is looking to ensure full compliance with the escheatment requirements, and we… Read More

Q. I was asked this question regarding unclaimed property. I work at a reinsurance company that deals a lot with insurance type payments, etc. We are entering into the PRT business (pension risk).… Read More

Q. I am looking for suggestions of department ownership for the day-to-day monitoring of "uncashed" payments ultimately with the risk of becoming unclaimed property. I am trying to be proactive, so… Read More

Q. We had an accounts receivable credit balance and issued a check to the company. The check went stale and after researching we found the company had been closed. We were able to locate a person… Read More

Each state has different unclaimed property (UP) reporting requirements. But what exactly is UP? Here’s a simple example: Your company, Splosion, Inc., sends a check payment for $8,505 to your… Read More

Q. We have instances where we are in contact with the payee of an uncashed check. The payee refuses to cash the check because they may not be happy with the settlement amount or that a lienholder is… Read More

Q. We are currently evaluating our unclaimed property processes to review areas of opportunities in a shared service environment. Are there any best practices that can be shared? A. This is a very… Read More

Q. What is the best practice for U.S. companies handling unclaimed property with countries such as China, which I can't find guidelines for? A. (Answered by Jim Sadik, ([email protected]), a… Read More

Q. Is it okay to report abandoned property under the DBA of the owner of a property? A. (Answered by IOFM third-party unclaimed property advisor) It is best to report property to the state under the… Read More