Due Diligence Letter For Unclaimed Property [Sample]

An organization's final attempt to get in touch with an apparent owner and save their property from escheatment is via an unclaimed property due diligence letter. Every state or reporting jurisdiction has its own set of laws and regulations.

A header warning, unique identifier and property amount, action deadline, post-escheat statement, owner disposition options, change of address form, owner verification requirements, and holder contact information are typically included in due diligence letters that must be sent 30 to 120 days before the report date.

A successful management strategy is difficult to establish and sustain since unclaimed property due diligence procedures differ by state and property category.

Over 100 types of unclaimed property, including uncashed vendor and payroll checks, escrow balances, accounts receivable credit balances, overpayments, unidentified remittances, unredeemed gift cards, rebates, health and welfare plans, self-insured benefit plan payments, stocks, bonds, and dividends, currently require letters to be sent to 55 escheat reporting jurisdictions.

Due diligence letter for unclaimed property

[Date]

Greetings!

Our data show that the account mentioned above, which we are maintaining in your name, has been dormant for at least years. According to Connecticut State Law, accounts that have demonstrated no activity or interaction with the owner over the previous years must be handed to the state.

Your property will be turned over to the state if we don't hear from you by the 20th of this month (allow owners 45 to 60 days to react to your due date). To contact our office about your account, please fill out the form below or give us a call at 000-000-000.

The rightful owner may get in touch with the State of Connecticut Unclaimed Property Division at 000-000-000 after March 29, 2022, to claim this property. State law mandates that this property be held by the State Treasurer indefinitely until the legitimate owner or that person's heirs make a claim.

Sincerely,
[Name and contact details for the company]

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