Keane's Unclaimed Property Blog

Abandoned Property (41 articles)

An International Perspective on Using Dormant Assets to Fund Social Programs

An International Perspective on Using Dormant Assets to Fund Social Programs

Abandoned Property, Dormancy Periods, Unclaimed Property

Authored by: Alena Levitz, B.A., LL.B, LL.M, Executive Director British Columbia Unclaimed Property Society Japan launched its first unclaimed property program this year following the passage of the Dormant Deposit Utilization Act in December 2016. The program utilizes funds from dormant bank accounts that have been inactive for ten years or more to finance social […]

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Accounting for Unclaimed Property

Abandoned Property, Compliance, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Escheatment is the process of remitting an asset to the state of the address of record as unclaimed property. When not correctly managed and reported, the historic unclaimed property liability coupled with the risk of state audits – and subsequent fines and penalties for non-compliance – become material to your annual reviews, findings, and ultimate opinions. And, given the […]

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Gift Card Escheatment Laws

Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Escheat Law, Escheatment, Gift Card Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Update 2019: Are gift cards escheatable? Unfortunately, the answer is not simple as each state and territory have different unclaimed property laws regarding gift cards and the time before escheatment. These differences in state laws impact gift card breakage, the revenue companies gain through unredeemed gift cards. The Electronic Funds Transfer Act and the Consumer […]

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Quick Guide: New York Escheat & Unclaimed Property Laws

Abandoned Property, Abandoned Property Law, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Are you interested in learning some of the key concepts of New York escheat and unclaimed property laws? Have a specific question about reporting, auditing or compliance? This page gives you key information pertaining to New York State escheat laws including reporting & compliance.

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Keane Hosts Unclaimed Property Compliance Forum

Abandoned Property, Compliance, Other News

With the regulatory landscape constantly changing and evolving, unclaimed property compliance reporting is becoming more complex than ever for businesses and financial institutions. In order to keep businesses aware of these changes and to ensure that they are knowledgeable about the reporting process, Keane partnered with the Pennsylvania Treasury Department to host an Unclaimed Property […]

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