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#2261217 - 10/19/21 12:01 PM escheating accounts in ma to banks with rep. agree
LisaL Offline
Junior Member
Joined: Oct 2008
Posts: 35
this is the first year we have abandoned accounts with balances in States with rep agreements, do we complete a form for the state the account holders latest address is located?
any tips help is appreciated thank you!

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#2261223 - 10/19/21 01:14 PM Re: escheating accounts in ma to banks with rep. agree LisaL
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 83,378
Galveston, TX
You might call the Division of Unclaimed Property, but the statute would indicate to me that you need to worry about the States that do not have a reciprocal agreement.

960 Mass. Reg. 4.03
(8)Reciprocity Agreements with Other States.

(a) The Division shall accept reports containing property of non-Massachusetts residents who are owners of property held by Massachusetts holders if the state in which the owner resides has entered into a reciprocity agreement with the Treasurer. The Division shall maintain an up-to-date list of all states with which it is party to a reciprocity agreement.

(b) Holders incorporated in Massachusetts or non-corporate holders with a principal place of business in Massachusetts that wish to report abandoned property for customers who live outside Massachusetts should report the property to the respective state(s) in which those customers resided at the time their property became reportable according to the laws of that/those state(s).
The opinions expressed here should not be construed to be those of my employer:

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