Unclaimed Property Policy

screenshot of the first page of Unclaimed Property Policy

This document includes two sample policies that establish clear procedures and timelines for unclaimed/uncashed checks, wire or ACH payments. 

In these samples, payments that remain uncashed or unclaimed 90 days after the issuance of payment require follow-up, the amount of effort used in that follow-up process should correspond with the schedule in the next section, and outstanding check accounts are used to hold unclaimed or uncashed payments during the state-mandated holding period. All managers within the company are responsible for the implementation and administration of these procedures within their respective organizations. 

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