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July Unclaimed Property Update from Mike Ryan

Ready, Set, GO!! July is here!  The busy season for Fall Reporting has begun.

Important Dates:

July 1, 2023 (falls on a Saturday, we recommend to get in by June 30th)

  • Unclaimed property reports for Michigan and Texas are due today.
  • Today is the starting date to start mailing due diligence letters for most states.

July 31, 2023

  • Deadline to mail due diligence letters for Arkansas and Washington.

Best Practices 1 – Who to inform about due diligence mailings?

Once due diligence letters are mailed, many colleagues and other departments may get calls.  Inform other departments and share what was mailed and why:

  • In form all customer and member facing personal that the letters are going out and there could be an increase in questions
  • Share a copy of the letter(s) with call center personnel
  • Share a copy of the letter(s) with Account Receivables
  • Inform financial advisors
  • Let all know that the recipient of the letter needs to respond or perform an action to reactivate their account(s)

Best Practices 2 – States that require Certified Mail

Certified mail is costly and time consuming.  A Best Practice is to send out due diligence letters via First Class mail (and email, if permissible) early to improve response rates, reduce certified mail requirements, and give your team time to process responses.

Best Practices 3 – Reconnect, Reactivate, and Reunify

Go above and beyond simple due diligence mailing requirements to increase reengagement, reduce escheated accounts, and keep assets under management.  This can be performed internally or outsourced to Linking Assets.  We can help search to find better mailing address, provide enhance outreach, and reunify accounts with deceased owners to the legal claimant(s).

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