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Clutch Empowers Merchants to Grow Revenues with Relevant and Timely Offers and Reduce Escheatment
The decision to escheat all funds from uncashed checks provides the remaining eligible borrowers and their heirs the additional opportunity to claim the funds through their states' escheatment claims processes.
7 billion in property But obtaining accurate figures on how much of these amounts are attributable to gift card escheatment is difficult because reporting requirements in most states lump unclaimed gift cards with other categories of abandoned property, such as dividends, payroll checks and utility refunds.
All other undeliverable checks, or any checks that are still outstanding according to your stale-date parameters, can be automatically voided and associated information sent to your supplier's escheatment area for tracking, regulatory reporting and distribution of the funds.
The offering helps life insurers and annuity providers identify unclaimed policy benefits, optimize administrative operations and comply with State escheatment mandates.
Additionally, since the payer transfers indemnity payment funds to DataPath, escheatment issues (such as not cashing checks) are virtually eliminated.
In fact, such legislation had already been proposed as the Equitable Escheatment Act.
Abiding by new rules surrounding the DMF is the first step, but compliance alone does not protect assets from escheatment," noted Keane Vice President Barbara Blick.
Jack Sunday concluded, "We continue to recommend that issuers directly engage an unclaimed property specialist to independently review all account data, identify any liabilities or audit red flags, establish programs needed to locate and engage shareholders, and ensure compliance with escheatment requirements.
Treasury Department and industry research firms to be as high as $6 to $15 per check, as well as the complexity of handling lost and stolen checks, escheatment and potential exposure to fraud and theft associated with printing and mailing paper checks.
The offering expands Boston Financial's lineup of unclaimed property services, which currently includes identifying property at risk of escheatment, managing investor outreach and communication, and performing the reporting and remittance tasks associated with the escheatment process.