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#2007715 - 04/13/15 07:07 PM Escheatable Interest Checks
Anonymous
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We have had a customer who we have been sending escheated CD interest checks into the state on a yearly basis. After doing a quick search for unclaimed property, we are not the only one reporting property on this customer. Here is the problem: the address we have is still good and nothing has ever been returned back to us and there is no telephone number on the account. I feel that the customer is deceased but can find no obituary to confirm. The CD continues to draw interest. Do we just continue to report these outstanding checks on a yearly basis?

Thank you

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#2007730 - 04/13/15 07:37 PM Re: Escheatable Interest Checks Anonymous
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,694
Illinois
There is not much else you can do until it is time to escheat the CD itself to the state.
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#2007744 - 04/13/15 08:00 PM Re: Escheatable Interest Checks Anonymous
Anonymous
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Original Anon: Ok, if I understand the rules correctly, if we are continuing to have constant contact with a good address, when would we escheat the CD itself?

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#2007760 - 04/13/15 08:24 PM Re: Escheatable Interest Checks Anonymous
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,796
You are here
That would be a matter of state law but if the how would you have constant contact if you feel the owner is deceased?
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#2007762 - 04/13/15 08:27 PM Re: Escheatable Interest Checks Anonymous
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Our state's (NM) reporting instructions indicate that you cannot assume the whereabouts of customers just because the post office did not return mail. Therefore, even a good address does not equate to 'contact'. When reviewing your records for dormant accounts, remember to look for the last debit or credit activity generated by the owners.

In our case, unless we could contact the customer directly, or he/she initiated transactions to the account, we would use that last date for escheatment purposes.

Also, in some states such as ours, if they have other accounts that are active, we would consider this one as active because we have had contact with them through the other accounts.
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#2007926 - 04/14/15 03:45 PM Re: Escheatable Interest Checks Anonymous
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
What state does the account holder reside in? The only way to provide an accurate answer is to know what state abandoned property regulations apply.

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#2007934 - 04/14/15 04:03 PM Re: Escheatable Interest Checks Anonymous
Anonymous
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Original Anon: The account holder resides in Florida. From what I can see, there has nothing done with the CD but draw interest since it was issued.

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#2008105 - 04/14/15 08:41 PM Re: Escheatable Interest Checks Anonymous
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
I didn't find anything in the Florida Statutes that allows for a presumption of interest in property due to a lack of returned mail: http://www.flsenate.gov/Laws/Statutes/2014/Chapter717

You'll have to escheat the interest checks until such time that the CD itself becomes escheatable.

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