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BankersOnline.com Forums State-Specific Compliance Issues California Escheat Fees - do you charge? Is there a max?
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#1558410 - 05/31/11 02:27 PM Escheat Fees - do you charge? Is there a max?
BBoyd Offline
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BBoyd
Joined: Mar 2002
Posts: 2,494
MI
I'm wondering if any of you charge a fee to your customers for escheating unclaimed property. In some states it can be as much as $50. Does CA have anything in its statutes prohibiting a fee of over a certain dollar amount?

Let me know - thanks!
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#1559123 - 06/01/11 05:27 PM Re: Escheat Fees - do you charge? Is there a max? BBoyd
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
No we do not charge a fee to our California clients with dormant accounts. You can find the information you are looking for in California's Code of Civil Procedure, Part 3, Title 10, Chapter 7 - Unclaimed Property Law, section 1513.

Here is a link: http://www.sco.ca.gov/upd_lawregs.html

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#1559270 - 06/01/11 07:30 PM Re: Escheat Fees - do you charge? Is there a max? el guapo
BBoyd Offline
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BBoyd
Joined: Mar 2002
Posts: 2,494
MI
Thank you!
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#1559599 - 06/02/11 03:09 PM Re: Escheat Fees - do you charge? Is there a max? BBoyd
SJB Offline
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SJB
Joined: Jun 2002
Posts: 1,210
California
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#1559610 - 06/02/11 03:18 PM Re: Escheat Fees - do you charge? Is there a max? SJB
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
Is there something specific from that link I should be looking for?
_________________________
Opinions are mine and never to be taken as legal advice!

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