Below are frequently asked questions about the escheat due diligence notices which escheat holders are required to provide prior to escheating properties to a state, and frequently asked questions about our escheat due diligence notices systems.

Q. You mentioned escheat due diligence notices. How does that process work?

Prior to escheating an item, state laws may require escheat holders provide notice to item owners so that the owner can retain or use the item before it is escheated. The state laws regulate these notices and have rules governing notice type, notice content, and notice timing. Some laws also have exemptions to noticing.

Q. What are your services regarding escheat notices?

We provide robust services regarding escheat notices. Our systems track each item and determine if a notice is required. In doing, we apply the statutory exemptions to lower notice costs. If a notice is required, the systems determine the required notice type and a timing window for sending. We provide analytic dashboards showing the number and future timing of notices for the entire portfolio, giving our clients visibility for business and costing analysis. With respect to the notice process itself, we can either send the notices for the client or support the client in doing so.

Q. What are the types of escheat notices?

Types include notice by regular mail; notice by regular mail with a self-addressed stamped return envelope; notice by certified mail; notice by certified mail with a self-addressed stamped return envelope; notice by email; and notice by publication.

Q. Do you manage all forms of escheat notices?

Yes. We handle all forms of notices including by notice publication. In doing so, our systems are designed to point to use of the most cost effective method permitted by the laws.

Q. You mentioned selecting the most cost effective notice method. Do you create value in do so?

Yes. The systems point to use of the most cost effective method permitted by law. That results in direct cost savings. Certified mail is more expensive than regular mail. Regular mail is less expensive than adding a self-addressed stamped return envelope. Email is the most cost effective but is permitted in only one state. In addition to direct cost savings, some notice types require more labor than others.

Q. You mentioned notice timing. Explain escheat notice timing

The state laws requiring notices may include timing specifications such as last date to provide the notice or earliest date to provide the notice. These dates typically are geared to the state report filing deadline so that the notices fall within a window of time before the state report is filed.

Q. Do your escheat notice systems address escheat notice timing?

Yes. Our systems specify a notice window for each item requiring a notice, and they place the item in line for noticing within its specific window.

Q. You mentioned escheat notice content. What is that?

The state laws may specify content or information required to be included in the notice.

Q. Do your escheat notice services address escheat notice content?

Yes. Our services include a technology driven escheat notice designed to populate notice content meeting varying state requirements.

Q. What are the exemptions to sending escheat notices?

The statute laws may or may not provide exemptions to sending notices. If an exemption applies to an item, the escheat holder will not be required to send a notice. Two examples: In some states, a notice is not required for items with balances below a specified amount, such as $25. In some states a notice is not required unless the escheat holder has sufficient information on the item owner for the purpose of sending the notice via U.S. mail.

Q. Do your escheat notice services address the escheat notice exemptions?

Yes. Our systems are designed to apply the exemptions to reduce work and costs of notices. We apply both the amount exemption and the sufficient address exception.

Q. You referenced a reduction of costs when using the escheat notice exemptions. Can you explain the value?

Yes. The notices have direct costs and labor needs. The labor includes work in sending and responding to notices. Lower numbers of notices translate into lower direct costs and less labor. In applying the exemptions to each item, our systems generate the resultant value.

Q. What if your client wants to send notices?

Clients may desire to send the formal notices to re-engage with the owner and stop escheat. We support that choice. Some clients may also desire to consider sending non-required communications from time to time to interact with the item owner and retrigger the escheat time clock at that time. We support that work and the resultant retriggering, if any, that it generates.

Q. You mentioned that you can send the notices or let us do it. Please explain.

We can handle the process of sending the notices for you. Or, you can send the notices. If you elect to do so, we support the process by identifying the items requiring notices, specifying the time period, and providing content for the notices in mail-merge format.

Q. What happens if an item owner responds to an escheat notice?

If the owner timely responds, then item is not escheated because the response should be a retriggering event resetting the escheat clock.

Q. Do you provide services regarding owner responses to escheat notices?

Yes. We have an ala carte suite of services that we will be happy to discuss.

Q. Do the laws on escheat notices vary?

Yes. They are heavily variable. They vary per state and per historical versions of a state’s laws. They also vary with respect to notice types, notice content, notice timing, and notice exemptions.

Q. How do you manage the complexities of the varying rules governing escheat notices?

We let the computers and our proprietary systems unravel the complexities on a per item basis.

Q. How do you apply the notice variables to large volumes of instruments and cards?

We let the computers deal with the volumes.