We are getting ready to escheat old cashiers checks. We are required to do so for those older than 5 years. I know escheatment is state law specific regarding retention, but does anyone know if it matters if, or how at this point, we make contact with the customer prior to escheatment? Can we contact via phone, or does it have to be letter? Also, if the CC is older than 5 years, and hasn't been escheated, are we allowed to contact the customer prior to escheatment at all or is it a done deal? Finally, should we report the remitter, payee, or both? I can't find anything that states who you report. I would assume the remitter, but we know how that goes.

As you mentioned, this is governed by state abandoned property law. Almost all states have a due dilligence requirement for notifying a property owner prior to reportings/remitting the property. Some states only provide a timetable for when to send such a notice, other states go so far as to dictate much of the language on the notice. Your best bet is to look up the state of residence of the property owner and see what the requirement is for that state: http://unclaimed.org/

We always try to get in touch with the customer prior to escheatment, regardless of the length of time. We also always use postal mail with return receipt as proof that we tried to contact the customer, even if we also phone them.

The instructions for filing in NM, state that when reporting certified and cashier's checks, to list the names and addresses of BOTH the remitter and the payee, specifying each.

You really need to contact your state Division of Unclaimed Property. Our escheat forms and instructions are on their website, but they can can always give you information if you call. We had to call this year about safe deposit box contents because the escheat form has changed and wasn't clear - at least to us.

Prior to the time when our actions were dictated by state law or regulation, we would contact the remitter (always our customer) and ask for directions.