Learn More - Click Here!

Thread Options
#1077699 - 11/06/08 03:33 PM Undelivered mail
agent99 Offline
100 Club
Joined: Apr 2008
Posts: 240
Once mail has been returned to the bank as undeliverable, is there a time frame for which it should be resolved (new adddress, corrected address, etc)

Return to Top
Operations Compliance
#1077713 - 11/06/08 03:42 PM Re: Undelivered mail agent99
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,568
Galveston, TX
The bank should attempt to find the customer, but as far as a timeframe goes, you either find the customer before you escheat the money to the State or you don't.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1077721 - 11/06/08 03:54 PM Re: Undelivered mail rlcarey
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Our auditors strongly encouraged us to implement a process to review accounts with returned mail and implement additional safeguards for those that did not have recent activity. We determined that returned mail + no activity in 90 days = dormant status. The account officer was provided a memo identifying the account with returned mail. It was his responsibility to determine whether we had a valid address (perhaps on another account) or attempt to contact the customer to obtain a new address. Customer was asked to sign notice of address change prior to changing address on the account. Timeline for response was 2 weeks.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top
#1077955 - 11/06/08 07:09 PM Re: Undelivered mail BrendaC
agent99 Offline
100 Club
Joined: Apr 2008
Posts: 240
I realize that we should attempt to find the customer, and hopefully we are trying before the time to escheat is reached! Maybe my question should be what procedures do others have in place to resolve returned mail issues. Thanks Brenda for your response.

Return to Top

Moderator:  Andy_Z, John Burnett