What is escheatment and the escheatment process?
Escheatment is the process of reporting and remitting unclaimed property to the appropriate jurisdiction based on statutory requirements. It typically occurs in two annual cycles: spring and fall. For most companies, escheatment involves tedious processes to reconcile and report information.
How do we automate the escheatment process?
We're the first financial institution to offer a fully integrated, end-to-end solution for managing unclaimed property and escheatment. Linked to our check data warehouse, our Automated Escheatment Service provides visibility to and reporting on uncashed checks to prevent escheatment. When it becomes necessary, our service resolves all aspects of the escheatment process from liability analysis to due diligence mailings, state filings and remittance.