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#226332 - 08/11/04 06:13 PM Escheat
WheezeKid Offline
100 Club
Joined: Jun 2004
Posts: 137
New Jersey
Would a nice PA banker be so kind as to inform me of the PA statute or law relative to Escheatment? Also, a quick background might be helpful. Any assistance would be much appreciated.

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#226333 - 08/12/04 09:09 PM Re: Escheat
complyguy Offline
Gold Star
complyguy
Joined: May 2001
Posts: 494
PA
http://www.treasury.state.pa.us/pdf/UPReportBklt03S.pdf

Thumbnail sketch: No contact for 5 years = escheat. Used to be 7 years, was reduced a few years back. (Thanks to BOL for helping us stay on top of that!) "Contact" means account activity by the customer, correspondence, even cashing CD checks. However, our auditor, who used to work in this department for PA) says the screws are continually tightened over what is acceptable proof of contact.

Hope this points you in the right direction.

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#226334 - 08/20/04 06:41 PM Re: Escheat
PABanker Offline
Gold Star
PABanker
Joined: Dec 2000
Posts: 491
Blue Ball, PA 17506
PA Tresury website( www.treasury.state.pa.us) is a good resource for the PA laws and escheatment procesing. If you have questions on unclaimed property this department is great at contacting you with the answer.

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#226335 - 01/03/05 05:07 PM Re: Escheat
Anonymous
Unregistered

NPPI
Last edited by Andy Z; 01/04/05 01:54 PM.
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#226336 - 01/06/05 03:37 PM Re: Escheat
Anonymous
Unregistered

Are burial funds subject to escheat

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#226337 - 01/20/05 09:22 PM Re: Escheat
PABanker Offline
Gold Star
PABanker
Joined: Dec 2000
Posts: 491
Blue Ball, PA 17506
From a recent 2004 PA Unclaimed Property seminar I received this information... these types of accounts are not reportable as unclaimed property, Burial Accounts until 5 years after the death.

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