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Escheatment of unclaimed Zelle funds
March 22, 2023
Q. When expired Zelle payments return to us (recipient did not accept the funds within the required timeframe), are the funds in scope for escheatment?
A.
(Answered by IOFM's third-party unclaimed property expert)
The transmission of a payment through a digital payments service such as Zelle would suggest the acknowledgement of a payment obligation on the part of the sender (the “payer”), analogous to the issuance of a check in payment of any general obligation such as a payroll check, a vendor…
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