This page addresses key areas of interest regarding North Carolina unclaimed property and escheatment laws and regulations.
Key North Carolina Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in North Carolina is October 31st for all holders, except life insurance companies, who must report by April 30th. Early reporting is permitted with written consent of the State Treasurer. Requests for early reporting must be submitted in writing. Negative reports are not required.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with North Carolina’s unclaimed property laws and regulations. Holders reporting to North Carolina are required to submit their reports electronically for reports that contain 50 or more properties. Written reports may be submitted for reports containing fewer than 50 properties, but all holders are encouraged to submit reports electronically.
North Carolina Due Diligence Requirements
North Carolina requires holders to send due diligence notifications for any property with a value of $50 or more for all property types except securities or other equity interests in a business association, in which case due diligence notifications must be sent for any property with a value of $25 or more.
Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address not more than 120 days or less than 60 days from the reporting deadline.
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.
North Carolina Voluntary Disclosure Program
Holders currently under audit by the North Carolina Department of State Treasurer Unclaimed Property Division may not be eligible to participate in the program. Pre-authorization is required to participate.
Holders should email their request to VoluntaryDisclosureProgram@nctreasurer.com.
You can find more in-depth information regarding the North Carolina voluntary disclosure agreement program here.
North Carolina Dormancy Periods
Dormancy periods in North Carolina vary by property types. 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. Dormancy periods in North Carolina for common property types include:
- Wages, Payroll or Salary: 1 year
- Checking and Savings Accounts: 5 years
- Money Orders: 7 years
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North Carolina Unclaimed Property Links
Key Unclaimed Property Reporting FAQs
The North Carolina 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 North Carolina can be a stressful process that consumes valuable internal resources. 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.