I can't seem to find clarification on this. I know that for property that is under $50, we don't have to give the notices to the customers and it appears we don't have to report it to the controllers office, but don't we still have to escheat those amounts at the proper times? For example, we have a cashier's check for $1.99, do we still have to esheat the funds to the state? Everything I read just mentioned not having to give the notice and not having to report it in the November report. If anyone can point me in the right direction, I would really appreciate it!

Have you read the general reporting instructions on the State's website, sco.ca.gov. The instructions are very detailed. I haven't done the filing for a couple of years and there have been some changes, but I do know you still have to escheat the funds regardless of the amount.

There was a time when you just would do an aggregate report of everything under $50.00, but it looks like they now want you to give account information even if it's under $50.00.

Hope this helps.

Thanks Sallyg, yes, I read the entire instructions and the guide, but I started doubting myself. My understanding has always been that we escheat everything, but I just wanted to double check my thought process.

"but I started doubting myself. My understanding has always been that we escheat everything",

I am not totally familiar with Cal. escheat laws, however some State do have a $50 threshold. It is not that you don't escheat those amounts, it is just you don't have to send in all the names associated with the accounts and they are escheated in aggregate.

Things changed in California a few years back after a lawsuit against the state. We now escheat all property, regardless of value, individually rather than in aggregate.