Escheatment resources: Reporting deadlines for all 50 states
Tracking uncashed checks requires understanding the escheatment laws in each payee’s jurisdiction. Read below for the list of escheatment reporting deadlines for all 50 states.
Few accounting processes are more complicated and time-consuming than escheatment of uncashed checks. Escheatment is the process of reporting and remitting unclaimed property to the appropriate authority based on statutory requirements. It consists of a series of steps and deadlines made even more confusing because the rules and requirements differ from state to state – not to mention additional jurisdictions like Puerto Rico and the District of Columbia.
Worse yet, companies that don’t comply with this patchwork of unclaimed property laws are subject to fines and penalties. These levies are often based on the number of items and not the total dollar amount, so the cost of missing escheatment deadlines can really add up.
Escheatment deadlines for all 50 states
Escheatment is organized into two annual cycles that include property analysis, dormancy periods, and statutory due diligence requirements with specific rules for mailings, responses and remittance. Yet those rules and deadlines vary greatly from jurisdiction to jurisdiction. U.S. Bank has developed an automated solution for managing escheatment, but if you are doing it manually, the first place to start is knowing the deadlines for the jurisdictions of all payees.
The following are the corporate deadlines for reporting and remitting escheatment for uncashed checks.
Due to differences between jurisdictions, the deadlines are not necessarily the same for insurance or other property types.
Fall reporting deadlines
Spring reporting deadlines
June 1st – 15th
*California law requires a notice report in October and a remit report in June.
Deadlines are just one piece of the puzzle
Escheatment involves a number of steps to identify and remit. They vary by jurisdiction, but typically include the following:
Each uncashed check is subject to the escheatment laws of the payee’s home state. If you are managing escheatment manually, consult an expert on each jurisdiction’s laws or contact the applicable municipalities to ensure proper compliance.