Posted By: osoalone
Escheat Laws - 02/15/11 06:16 PM
Do the Escheat laws apply to commercial accounts also?
Posted By: osoalone
Re: Escheat Laws - 02/15/11 07:21 PM
Sure could use some guidance on this please.
Posted By: edAudit
Re: Escheat Laws - 02/15/11 07:41 PM
Do the Escheat laws apply to commercial accounts also?
In NY they do.
If you are not getting an answer Escheat laws are state speific, I would post in the state section.
Posted By: Rocky P
Re: Escheat Laws - 02/16/11 03:43 AM
Also I'm pretty sure that escheat laws are based on where the customer was last domiciled - not the bank's address. If you are in Texas and besides TX have customers in LA, OK and CA, you have to abide by the escheat laws in those states where the customer last resided.
Posted By: Neytiri
Re: Escheat Laws - 02/16/11 05:09 PM
From what I know from filing in multiple states, pretty much all accounts are included. And don't forget your outstanding official checks and safe deposit boxes too.
And some states require you to file negative reports too, plus a lot of them have different reporting dates so set you up a spreadsheet. And good luck.