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Managing escheatment compliance is no small task.
It calls for proactive attention to the status of assets under your control -- specifically, a full-time monitoring of unclaimed assets and when you need to report them as such. You’ll have to navigate a whole host of deadlines and laws, all while protecting your business from fines and maintaining a smooth customer experience.
That’s why we’ve compiled a comprehensive guide to escheatment laws across the U.S., breaking down dormancy periods, reporting periods, and key reporting deadlines by state for 2024.
Escheatment Laws by State 2024
When an unclaimed asset or property is turned over to the state, it’s under escheatment. Before, this was a very specific “dormancy period,” during which you had to make reasonable efforts to reach out to the customer.
But you can’t just check your books once a year and call it a day. Laws require you to perform due diligence, including account and asset monitoring, and file reports to your local jurisdiction.
Each state’s escheatment laws include different dormancy periods for different account types, including common ones like checking accounts, vendor checks, and credit balances from accounts receivable. As a quick reference, check out the table below.
* See full Disclaimer below. This information is provided for educational purposes only and should not be relied upon as legal advice.
Don’t Get Overwhelmed Managing Escheatment Schedules
Escheatment laws don’t have to be overwhelming.
By understanding state-specific rules and keeping an eye on dormancy periods, reporting periods, and reporting deadlines, your institution can stay compliant and avoid penalties.
Easily Manage Multi-State Escheatment Compliance Using Eisen
At Eisen, we’re committed to simplifying escheatment compliance for financial institutions of all sizes. Our Escheatment Hub provides a comprehensive platform to manage accounts in various stages of activity, ensuring compliance without the hassle.
Forecast Your Escheatment Liability by State
With Eisen, you can forecast your escheatment liabilities based on each state’s specific requirements. Our platform automates the process, making it easy to understand where your risks lie and how to manage them proactively.
Monitor Every Active, Inactive, and Dormant Account
Due diligence is a crucial part of the escheatment process. Eisen gives you the real-time visibility you need to stay on top of your entire account portfolio.
Stay Ahead of Compliance Deadlines
With Eisen, you’ll never miss a deadline. Use automated monitoring and tracking to stay on top of due diligence and reporting, while you focus on your business.
Disclaimer
The information shared in this document is intended to provide general insights and foster a broader understanding of this important but complex topic. However, it should not be interpreted as legal advice. We recognize that legal matters can be complex and nuanced, and what may apply to one organization may not be applicable to another (or yours).
While we strive for accuracy, it's important to remember that this information may not reflect the latest legal developments or be relevant to your specific situation. Please seek guidance from your own trusted legal or compliance expert.
Eisen is the first Account Offboarding company.
Financial institutions use Eisen's escheatment, disbursement, and outreach tools to streamline account offboarding while automating manual work and reducing risk of non-compliance.
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