Hi - I'm wondering if any of you charge a fee to your customers to escheat unclaimed property. Some states charge as much as $50 or as little as $2. Is there anything in the IN statutes that either allows or prohibits this fee?

Thanks!

http://www.in.gov/legislative/ic/code/title32/ar34/ch1.html

C 32-34-1-22
Dormancy charges
Sec. 22. (a) A holder may not deduct a charge from property that is presumed abandoned if the charge is imposed because the owner failed to claim the property within a specified time unless:
(1) there is a valid and enforceable written contract between the holder and the owner that allows the holder to impose the charge; and
(2) the holder regularly imposes the charge, and the charge is not regularly reversed or otherwise canceled.
(b) If a holder described in this section is a financial institution, the dormancy charges of the department of financial institutions apply.
As added by P.L.2-2002, SEC.19.

In (b) above, it mentions dormancy charges of the department of financial institutions. Am I overlooking that in the link you sent or is that found elsewhere?

Thank you!

Previous thread

Thanks!

Just so I'm clear - the bank can charge DORMANT fees, but not ESCHEAT fees. Is that correct?