Outsourcing escheatment

October 14, 2020


Q. Does your organization handle the escheatment process in house or outsourced? If you handle internally would you mind sharing your process at a high level? My organization is interested in hearing what other companies do. A. (Answered by the IOFM Advisory Panel) ----- We send a list of all outstanding checks for the year in question to our attorney’s office. They send solicitation letters to the payees for confirmation that the funds are still owed and correct address. They will send us…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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