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#2026918 - 07/14/15 12:21 PM Escheat
BNach1 Offline
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Joined: Jun 2015
Posts: 4
Is there a required number of attempts that an institution must make to contact a customer when a mailed check is returned, assuming all the state time requirements for unclaimed property are met?

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#2026922 - 07/14/15 12:44 PM Re: Escheat BNach1
rlcarey Offline
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rlcarey
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Galveston, TX
Escheat laws are State based.
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#2026924 - 07/14/15 12:47 PM Re: Escheat rlcarey
BNach1 Offline
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Joined: Jun 2015
Posts: 4
So, each state would decide how many attempts we have to make to contact the customer?

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#2026927 - 07/14/15 01:06 PM Re: Escheat BNach1
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Yes, generally the law of the state where the bank is located.

NAUPA

As a rule, it's smarter to chase customers down at the first sign of a break in communication vs. when the property is subject to escheat.
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#2026928 - 07/14/15 01:07 PM Re: Escheat BNach1
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,032
Galveston, TX
You would have to refer to your specific State laws and regulations that govern escheatment. They are all slightly different.
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