Holders (businesses) of unclaimed property are supposed to report the unclaimed property to the State of the owner of the property’s last known address. Before reporting unclaimed property, a letter of due diligence needs to go the owner’s last known address–usually this in 60-90 days before the holder has to remit the property to the State. For the owner to claim the property, the owner needs to prove that they are indeed the owner of the property by supply the Social Security Number (or last four digits), an updated address, signature, and a date on the form. Once the owner that the unclaimed property belongs to them, then holder can prepare a check and send it to the owner. Any money that is not claimed by the owner needs to turned over and remitted to the State of the owner’s last known address.
The State Unclaimed Property Reporting Forms usually have information they need to locate the owner (Social Security Number, Last Known Address, Check Number, Amount, date of the original check. A free software package from Wagers & Associates at wagers.net can be used to produce electronic and paper reports. This makes it a little easier to send to the State if the State requires an electronic copy of the unclaimed property report.
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