I'm curious if anyone has come across a situation in which a customer to whom a cashier's check was sent to close out a low balance account (as in less than $1.00) has had that customer say, "Just donate the money somewhere," when they are contacted because the check hasn't been cashed or deposited and is coming up on escheatment.

If so, what is your process for handling that request? Do you donate the money? How do you document the process? Do you not follow the request and simply wait for escheatment?

Thanks in advance!

You have no choice but to honor your deposit contract and state law. I would never honor such a verbal request. Where do we draw that line...$1.00, $50.00, $100.00? How do we handle the next of kin if the owner passes and they are looking for the account and it has not been escheated?

"Oh, your mom just told us to donate it so we did." I don't want that legal and financial risk for my institution.

Your only response to this customer is that if they abandon the property, it will escheated according to state law. They will either act upon that knowledge or not. It does not change your obligation.

That makes sense to me. Thanks for such a quick and informative reply Brian!