Unclaimed Property


When a check goes uncashed, the money isn’t immediately yours. Unclaimed property, or escheatment, still belongs to whomever you were trying to pay – and every state and US territory has different requirements for what you do next. Failure to adequately document your search for the payee can result in massive fines. (In many states, these penalties are one of the largest sources of revenue for states, behind only income, property and sales taxes.)

The more than 100 articles below can keep you current on those due diligence laws to prepare you for your next Unclaimed Property audit.

Q. What is the next deadline date to file unclaimed property? A. We received an answer to your… Read More
Q. I want to create a process for handling and reporting unclaimed property. Can you provide me… Read More
When Bankers Trust was fined $50 million for failing to escheat several years ago, corporate ears perked up. Many wondered, "What is escheatment?" Others began asking, "What are the ground… Read More
Q. (cont.) For Canadian located vendor payments issued from our Canadian operation are we required… Read More

Q. (cont.) We now have located the payee and need to reissue the refund. AP wants a completely new

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Unclaimed property laws vary by state and are continually evolving. If you are being audited, or are trying to proactively mitigate the risk of an unclaimed property audit, IOFM suggests contacting an

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Unclaimed property responsibilities often fall on the Account Payable (AP) department’s shoulders because much of what must be escheated is generated by AP. The escheated property often takes the… Read More

Given the length of time that's elapsed, I'd strongly recommend that you communicate directly with

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Voided checks with backup must be retained to meet the 7-10 year requirement, plus any additional

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Q. (con't.) Sometimes we get the letters back stating the checks were cashed and the date, but we

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