Winter Unclaimed Property Update from Mike Ryan

Important Winter Dates:

December 31, 2024

• Cutoff date for the 2025 Spring states
• Cutoff date for the 2025 Spring states for most Insurance Property

February 1, 2025

• National Unclaimed Property Day

March 2025

• Reports for Delaware due on March 1st (for Delaware, banking reports are due on 11/10).
• Reports for New York Corporations are due on March 10th.
• Reports for Connecticut are due on March 31st.

Did you know? - Understanding SCRA and Reclamations.

The federal Servicemembers Civil Relief Act (SCRA) provides legal and financial protections for service members and their families. There are also state laws that are designed to protect service members. These laws can include relief from escheatment and safe deposit box auctions. As always, each state is different.

Reclamations may conflict with the escheatment process; returning post-death benefits is not considered owner activity and might occur after the account has already been escheated. Identifying deceased owners more quickly helps with reducing potential fraud, reclamations, and provides time to reach out to beneficiaries for reunification.

Best Practice - Building a 2025 Unclaimed Property Calendar.

December is the perfect month to create an unclaimed property calendar/workflow for 2025. The calendar should include:

• Cutoff dates
• Internal operational steps
  • Dates for obtaining data from source systems
  • Dates for working internally to remove properties that are not due and payable (there has been contact, accounting errors, an exemption is allowable, etc.)
  • Date ranges to mail due diligence letters
  • Report due dates

Want to escheat fewer accounts and dollars? Linking Assets can help you with a custom designed reengagement program. Reactivate, reconnect, and reunify with your owners. Reach out today!