Where do I begin with escheatment?

May 25, 2021


Q. I have been tasked with implementing an escheat process. I would love suggestions from the IOFM Panel and specialists on how to begin researching a starting point to the process. A. (Answered by the IOFM Advisory Panel) ----- Escheatment begins when you cannot process payment to someone despite several attempts.The escheatment process begins with a certified letter to the company/person at the address that you have on file, to state that funds are available for remittance, but an address is…

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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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