We recently received a Money Order for a loan payment; The purchaser's name is on the M.O. No pmt coupon, or acct number was sent and we cannot associate the name with any loan or account. What should we do?

We are considering running the M.O. through before it becomes stale and holding the funds somehow, hoping it would be claimed someday by someone.

Do you have the envelope it arrived in or was it dropped off at the teller line?

No we don't. We have also looked at the payment amount and compared it to existing loans without success.

Is there another financial institution near you that could have the loan?

Yes there are others--but not similar names; the M.O. is made payable to us with our correct address.

I'm sorry. I must have put the wrong address on there. Convert it to a cashier's check and take out any fee you want and return the rest to me at...

Seriously, I think you can convert it since it is payable to the bank. Research further and put it aside, in an accountable way, in hopes it will be claimed. After a period of time it may represent income if nothing else.

Is the MO in question a postal or bank money order? If it is a bank money order, you may be able to contact the person through the issuing bank.

Issued by a quik-mart type store; we will run it through and hold the funds (until escheat kicks in). I'm still hoping someone has a better idea. This is about as good as the time someone put some cash in our night deposit--no name, acct, anything, just cash (fortunately the branch mgr thought they knew someone that would do that and verified that they did ) thanks.

That is why I said "may" as state laws are important. I agree with you. But I'd want to look carefully at the fact that the MO was payable to the bank. It may have been for a payment of a customers debt, a charge off payment or even payment from a prior theft. It needs research in more than one area.

I agree you should check other areas of the bank. You refer to this as being a loan payment but state there was no loan number, so maybe it wasn't. It may be related to a deposit account, a bad check, or even related to an application for credit (perhaps an application was withdrawn and an appraisal or something was ordered).

A prior theft, bad check, etc. may be possible. But at this point, I believe that it will be subject to escheat if not claimed before.

Thanks everyone.