Of course it is!
A lost dog wandering the streets is fairly easy to identify
as lost, and his location doesn’t change your ownership. You know that the lost
and found box at the front desk is there to reunite you with something you
misplaced, but how do you identify what is ‘abandoned’ or ‘unclaimed’ property?
Knowing is half the battle, but you NEED to know what it
means so you can determine if you have it, and are therefore required by law to
turn it over to its rightful owner.
In short, Unclaimed Property is anything that your business
tried to give to someone else that they have not yet claimed. If you tried to
give something to someone and they didn’t take it, it’s still theirs-not
yours-and you have to make the effort to get it to them, or give it to the
state so they can hold it for them until they claim it.
The most common unclaimed property types are uncashed payroll
checks, customer refunds, uncashed insurance claims, and bank accounts or safety deposit boxes that
have gone untouched for a number of years. It can also include unused gift
certificates, unused travelers checks, money orders, uncashed dividends, trust
distributions, life insurance beneficiary checks, mature CDs, and more.
Unclaimed Property regulations vary by state and many
business owners must report to more than one state, as abandoned or unclaimed
property must be reported to the state of the property owner’s last known
address. If you are unfamiliar with how unclaimed property works, or what your
liability might be, contact a
knowledgeable provider who can help you
with your reporting needs to avoid costly legal issues down the road.
Author: Jennie Henderson
Account Manager
Labels: Unclaimed Property
