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 […]
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 […]
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 […]
What a Company Should Do if It Never Reported Its Unclaimed Property
Companies that have chosen not to report their unclaimed property in the past often find themselves in a tricky situation when they choose to do so for the first time. Doing so involves strategic thought and planning. Companies should not just choose to suddenly come into compliance without first thoroughly evaluating the effects of doing […]
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 […]