This page addresses key areas of interest regarding Alabama unclaimed property and escheatment laws and regulations.
Key Alabama Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in Alabama is October 31st for all holders. Early reporting is permitted with prior written approval from the Administrator.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Alabama’s unclaimed property laws and regulations. Holders reporting to Alabama are required to submit all reports electronically.
Alabama Due Diligence Requirements
Alabama requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address, at least sixty days prior to filing the report.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Alabama Dormancy Periods
Most property types in Alabama have a dormancy period of three years. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Other dormancy periods in Alabama for common property types include:
- Wages/Payroll, Salary – 1 Year
- Money Orders – 5 Years
- Travelers Checks- 15 Years
Alabama Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The Alabama unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Alabama can be a stressful process that consumes valuable internal resources, especially if you must report in other jurisdictions as well. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.