By Tia Clary, CoNetrix CFO
Unclaimed property laws require businesses to report to states any personal property that has been abandoned or unclaimed. Unclaimed property typically includes bank accounts, insurance proceeds, utility and phone deposits as well as uncashed checks, including payroll checks. Each state has enacted laws that help return property to its rightful owner. In this way, states are acting as heroes to bring about missing money to rightful owners. This is truly a great service by the states.
What do you need to do?
• Know your state's laws
• Understand the abandonment periods for property types
• Pay attention to uncashed checks on bank reconciliation reports