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 […]
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 […]
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 […]
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.