Mastering Unclaimed Property Compliance: Combining People, Processes, and Technology
Achieving unclaimed property compliance is no easy feat for companies. With rapidly changing laws that differ for each state, it is no wonder many holders struggle to report their unclaimed property correctly and on time from year to year. However, unclaimed property, can be manageable with proper training, documented procedures, technology and some help from […]
Delaware Ramping Up Enforcement Efforts with Verified Report Process
The state of Delaware recently made a significant changes to its unclaimed property law. It is important for all companies that report unclaimed property to this state to be aware of these changes, so they can remain compliant with the reporting process. According to 12 Del. C. § 1170(a), the state of Delaware is now […]
You Just Acquired a Company and a Huge Unclaimed Property Liability. What Now?
Acquiring a new company is an immensely exciting time for the business doing so. It is a time of expansion and opportunity, allowing that business to serve more consumers over a greater distance. However, many businesses fail to realize when they acquire another company this is not the only type of growth they may exhibit. […]
Just Because You’re Reporting Unclaimed Property Doesn’t Mean You’re Doing It Correctly
When it comes to reporting unclaimed property, things, unfortunately, are rarely as simple as they may seem. With constantly evolving rules and regulations, it is hard to determine exactly what one must do to complete the process successfully. This confusion, unfortunately, is only compounded by the fact that each state has different procedures holders must […]
NEWS RELEASE: Popularity of Super Bowl LVIII’s Online Sports Betting Could Result in Dramatic Increases in Unclaimed Property
LAS VEGAS, NV, USA, February 7, 2024 — Dunbar – a leading provider of unclaimed property compliance services – is offering a reminder to all bettors, casinos, and online gaming companies in advance of Sunday’s Super Bowl that deposits and winnings could end up in the hands of States’ unclaimed property divisions if not handled properly. With online […]
Holders of Unclaimed Property Can Be Owners Too
When it comes to the world of unclaimed property, holders are any companies that report unclaimed property. In fact, the states they report unclaimed property to are the ones that refer to them by this term. However, many may not realize that holders can actually also be owners of unclaimed property. Owners are the individuals […]
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 […]
Our Company Received an Unclaimed Property Audit Notice – Now What Do We Do?
In the world of unclaimed property reporting compliance, receiving a notice that the company will be subject to an audit is not only stressful but also often scary. However, these notices cannot simply be overlooked and ignored to deal with these unpleasant feelings. Instead, companies must take these audit notices seriously and do everything in […]
Online Gaming Creates a New Kind of Unclaimed Property
With the legalization of online gaming and sports betting across the country, a whole new type of unclaimed property has been generated that companies need to be aware of and understand. This new type of unclaimed property is referred to as an online account. Online accounts are where online gamers and sports bettors have their […]
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 […]