An important part of
unclaimed property compliance is sending due diligence letters. Based on your
holder type, each state has a specific time window and dollar threshold above
which you need to send them. Not only is this an expectation of the state, but
it’s also good customer service. If you are a company who has an opportunity to
regain someone’s business, what better way to invite them back than with the
promise of money they have forgotten! And, if it’s a one-time situation, sending
out letters as prescribed helps you to not be flagged for an audit, which often
triggers (you guessed it) even more audits.
Due diligence letters
are an easy, effective way to reach out to people and reconnect. Even if it doesn’t
result in future business, sending them out in a timely manner will save you
time and trouble down the road by helping you to avoid fines and penalties for
not being compliant.
Remember, not all
states have the same compliance deadlines, and they vary by holder type, so be
sure to check what the right timeframe is for your company.
Author: Erin O’Connor
Account Manager
Labels: Due Diligence
