Automate Your Escheat Mail Management Process with Eisen

Escheat mail is more than just putting letters into the mailbox. It’s a process, from start to end, that begins with a dormancy period and ends with you being able to show that you’ve taken every reasonable step to reach an asset owner. At each step, there are state-based schedules and deadlines you need to understand. 

At Eisen, we've developed the Outreach Hub — to simplify and automate your escheat mail management, allowing you to focus on making a real impact for your customers.

What Are the Common Challenges in Managing Escheat Mail Manually?

Escheat mail management notifies the asset owner that it has been designated “unclaimed” and will be turned over to the state. However, this isn’t a simple process: if it was, the asset probably wouldn’t have gone unclaimed in the first place. Financial institutions like yours have to make sure you’re taking every effort to reach the right owner, so they have a chance to claim their property.  

Accordingly, there are some basic challenges in the process:

It’s a Time-Consuming, Manual Processes

Preparing and sending escheat notices manually is labor-intensive. Your team must compile recipient lists, draft individualized letters, and coordinate mailings. This consumes valuable time and diverts attention from more strategic initiatives that drive growth.

High Risk of Human Errors

Manual handling increases the likelihood of mistakes like incorrect recipient information or overlooking regulatory requirements. These errors can lead to compliance issues and thus, financial penalties or a bad reputation with customers. 

Missing Communication Deadlines

Escheatment regulations have strict timelines for notifying customers. Missing these deadlines can result in penalties and legal complications. 

Complex Compliance Requirements

Regulations vary by state and jurisdiction, so you might have a hard time juggling all your requirements if you're across multiple states. Ensuring that each communication meets specific legal criteria is daunting without specialized tools or expertise.

Lack of Tracking and Reporting

Without an effective system, tracking the status of mailed notices and customer responses becomes difficult. Having employees track emails via spreadsheets is a bit silly, especially as your company grows and has thousands and thousands of customers. But tracking is a requirement nonetheless.

Inefficient Use of Resources

Allocating staff to manage escheat mail diverts them from more impactful work. The inefficiencies of manual processes can strain your team's capacity and affect overall productivity, leading to increased operational costs.

How Eisen Automates Escheat Mail Management

Eisen's Outreach Hub is designed to address these challenges head-on, providing a seamless, automated solution for your escheat mail management needs.

Automated Mail Generation

Our platform automates the creation and distribution of escheat notices based on dormancy periods and other milestones and deadlines. By scheduling messages to a tailored audience based on specific dates or account timelines, you eliminate last-minute rushes and significantly reduce the risk of missing critical deadlines.

Customizable Templates

Eisen offers a library of customizable templates that comply with state-specific regulations. This ensures all communications are consistent, accurate, and legally sound, saving you time on drafting and reviewing each notice.

Scheduled Communications

With our scheduling feature, you can plan mailings well in advance. The system determines optimal send dates based on regulatory timelines, ensuring your notifications are always timely and compliant.

Comprehensive Tracking and Reporting

Eisen provides real-time tracking of your escheat mail campaigns. Detailed reports allow you to monitor delivery statuses, customer responses, and overall compliance. This means you can conduct actual audits of your process without having to track down emails and spreadsheets.

Seamless Integration

Our Outreach Hub seamlessly integrates with your existing tech stack, making the transition to automated escheat mail management smooth and hassle-free. This interoperability enhances efficiency across your operations.

Why Automation Is Key to Compliance

Automating your escheat mail management is not just about efficiency—it's essential for compliance. Automation minimizes the risk of human error, ensures adherence to complex regulations, and provides a clear audit trail. By leveraging Eisen's Outreach Hub, you can confidently meet your compliance obligations while freeing up resources to focus on strategic growth.

Ready to Streamline Your Escheat Mail Process?

Eisen's Outreach Hub empowers you to manage escheat communications easily and precisely. By automating this critical process, you enhance compliance, reduce risk, and allocate your team's efforts where they matter most. Experience the difference that a focused, automated solution can make.

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