This policy establishes procedures and timelines for unclaimed/uncashed check, wire or ACH payments. It details guidelines related to timing, effort, transfers to outstanding check accounts, escheatment reporting, reporting requirements, and transfer entry, and includes a letter sample as well. This policy covers all payments made to both domestic and foreign companies/persons from a company’s offices and locations within the United States.
In this sample, payments that remain uncashed or unclaimed 90 days after the issuance of payment require follow-up. Outstanding check accounts are used to hold unclaimed or uncashed payments during the state-mandated holding period.