Enhanced Customer Outreach
Financial institutions, in particular, value retaining deposit accounts. Therefore, it is important for financial institutions to constantly remain in contact with customers to not only maintain great customer service but also their accounts. Companies that wait to contact an account owner until the account qualifies for statutory unclaimed due diligence risk the account being inactive […]
Virtual Currency as Unclaimed Property
In the present day, virtual currencies are becoming increasingly popular with cryptocurrencies, such as Bitcoin or Ethereum, being the most prominent examples. Virtual currency, also referred to as virtual money exists only in digital form and is used in specific internet communities. Until recently, virtual currency was largely unregulated. However, as it gained popularity, instances […]
Common Unclaimed Property Reporting Mistakes To Watch Out For
Reporting unclaimed property is an extremely intricate and oftentimes confusing process. This is especially true for holders of unclaimed property who do not specialize in the reporting process and attempt to complete it entirely on their own. Due to this process being so complex, it can be difficult for holders to even realize when and […]
Your Guide to Preparing for the Fall Unclaimed Property Reporting Cycle
The fall 2023 unclaimed property reporting cycle has arrived. That means it is time for businesses to ensure they have all their ducks in a row and are prepared to comply with all unclaimed property rules and regulations. While this may be a daunting and, at times, time-consuming process, taking the time to prepare now […]
Did you know Nevada recently made significant changes to its unclaimed property law?
Nevada was set to roll out significant changes to its unclaimed property law to affect how all unclaimed property was reported in 2023. However, as of June 30, 2023, that is no longer the case. Previously, Nevada had announced its new laws would affect all unclaimed property set to be reported in 2023. Nevada has […]
What are the Best Practices for Due Diligence?
“Due diligence” is a phrase commonly heard in work environments today. However, it is so often said that few people take the time to truly think about what it means to practice due diligence when performing their jobs.
Utilizing Third-Party Services Does not Eliminate a Company’s Unclaimed Property Responsibilities
Many companies today rely on third-party services to help them efficiently and effectively accomplish all the tasks they need to keep their businesses running smoothly.
The Importance of Properly Recording Customer-Generated Activity
For financial institutions, capturing customer-generated activity is the key to preserving customer accounts and reducing their unclaimed property liability, but sometimes this is easier said than done.
Six Reasons You Should Outsource Your Unclaimed Property Compliance
Are you a new business trying to wrap your head around your obligations regarding Unclaimed Property? You may be an established business that has struggled to understand and meet the requirements for reporting your unclaimed property. Or are you simply too busy, and dealing with your company’s unclaimed property is something you would like to […]
Bolstering Unclaimed Property Policies and Procedures: What You Need to Know
Unclaimed property is often an involved, complex arena, and developing guidelines to ensure compliance is vital to identifying manageable challenges before they snowball into more substantial setbacks. All too often, organizations only consider developing formal policies and procedures — or reintroducing outdated iterations — when faced with the possibility of an unclaimed property audit. Here, […]