Escheatment resources: Reporting deadlines for all 50 states

Few accounting processes are more complicated and time-consuming than escheatment of uncashed checks. Escheatment is the process of reporting and remitting unclaimed property to the appropriate authority based on statutory requirements. It consists of a series of steps and deadlines made even more confusing because the rules and requirements differ from state to state – not to mention additional jurisdictions like Puerto Rico and the District of Columbia.

Worse yet, companies that don’t comply with this patchwork of unclaimed property laws are subject to fines and penalties. These levies are often based on the number of items and not the total dollar amount, so the cost of missing escheatment law deadlines can really add up.

Read more: Automated Escheatment Service e-book

Escheatment deadlines by state

Escheatment is organized into two annual cycles that include property analysis, dormancy periods, and statutory due diligence requirements with specific rules for mailings, responses and remittance. Yet those rules and deadlines vary greatly from jurisdiction to jurisdiction. U.S. Bank has developed an automated solution for managing escheatment, but if you are doing it manually, the first place to start is knowing the deadlines for the jurisdictions of all payees.

The following are the corporate deadlines for reporting and remitting escheatment for uncashed checks, as dictated by escheatment laws by state.

The deadlines and escheatment process by state are not necessarily the same for insurance or other property types.

Fall reporting deadlines dictated by escheatment law

November 1

• Idaho
• Massachusetts
• North Dakota
• Oregon
• Wyoming

December 10

Puerto Rico

Spring reporting deadlines

*California law requires a notice report in October and a remit report in June.

Deadlines are just one piece of the puzzle

Escheatment involves a number of steps to identify and remit. They vary by jurisdiction but typically include the following:

• Tracking dormancy to identify escheatable items
• Sending required communication to unclaimed property owners
• Aging unclaimed property from one status to the next based on applicable escheatment law
• Sending notifications and reports to relevant government entities

Each uncashed check is subject to the escheatment laws of the payee’s home state. If you are managing escheatment manually, consult an expert on escheatment laws by state or contact the applicable municipalities to ensure proper compliance.

To learn how Automated Escheatment Service can save time, energy and resources, read our e-book. For additional information or to schedule a demo, connect with U.S. Bank.