Unclaimed Property Due Diligence
Because unclaimed property due diligence processes vary both by state and property type, creating and maintaining an effective process for managing it isn’t easy. There are currently 55 escheat reporting jurisdictions and more than 100 types of unclaimed property, including uncashed vendor and payroll checks, escrow balances, accounts receivable credit balances, overpayments, unidentified remittances, unredeemed gift cards, rebates, health and welfare plans, self-insured benefit plan payments, stocks, bonds and dividends.
Are You At Risk for An Unclaimed Property Audit?
Take advantage of Keane’s complimentary Audit Risk Calculator to find out your company’s level of risk for an unclaimed property audit. The answer may surprise you. After answering 8 simple questions, we provide you with a risk score and a personalized report to identify your areas of exposure and recommendations to guide you toward compliance.
Keane’s Unclaimed Property Due Diligence Services
Keane provides comprehensive outsourced unclaimed property due diligence services that allow your staff to focus on the business of keeping your company running. As part of our services, we address the complex and continually evolving state requirements. From setup, merging, formatting, and mailing the required due diligence letters to telephone follow-up and returns processing, we handle it all. In addition to helping your company with each state’s mandatory letter campaign required at the end of a dormancy period, our team will help you put the processes in place for ongoing unclaimed property management.
Most states include a requirement to perform unclaimed property due diligence mailings after the dormancy period has been met – usually three to five years after the payment or credit was originally generated. These letters are simply a notification to the owner that their property is in danger of escheating to the state of last known residence.
However, by performing your own owner outreach program or research much earlier in the process (for example, when checks have been outstanding for six months), you stand a better chance of locating the owner and reuniting them with their funds. This in turn creates less dormant property and helps you save money on both returned mail and servicing inactive accounts and property.
That’s where Keane’s services become invaluable in helping your company with its unclaimed property management. At Keane, we know the system, including the various ways to find lost shareholders, how to handle large-scale mailings, and when to meet special requests regarding delivery methods, such as certified mailings. Our programs for unclaimed property due diligence save you money and resources, and helps keep your records organized when it comes time to file annual unclaimed property reports