Navigation:  Deposit Reports > Deposit Reports - Numerical Order > Escheatment Notices (FPSDR073)

Availability

Escheatment notices are typically run monthly or quarterly but can be run as requested.

 

Purpose

The report provides general information about each account considered dormant. The escheatment notice is used to warn a customer that their account has become dormant and money remaining in the account may be turned over to the state. The period of time before an account is considered dormant is an institution-defined number of months past the last customer contact date. Certificates of deposit in their first term will not be considered for escheatment notices, dormancy, or inactivity.

 

Sort field 81 is available for this report. It is the escheatment year. It allows the different years of escheatment to be sorted separately. The notice must always sort by office and account number and must have critical positions through office and account. For example:

 

•Sort fields 01, 02 should be critical 1-11.

•Sort fields 81, 01, 02 should be critical 1-13.

•Sort fields 01, 81, 02 should be critical 1-13.

 

 

Notices for Institutions in California

As of January 1, 2011, California law will require that a notice be sent to all new account holders notifying them that their property may be transferred to the state if no activity occurs within the length of time specified by state law, generally three years. To comply with the law, California institutions should have the following statement printed at the top of Escheatment Notices for new accounts:

 

THE STATE OF CALIFORNIA REQUIRES US TO NOTIFY YOU YOUR UNCLAIMED PROPERTY MAY BE TRANSFERRED TO THE STATE IF YOU DO NOT CONTACT US.

 

If you would like to have this statement printed at the top of your Escheatment Notices, please submit a work order requesting that Option 7 be turned on.

 

Report Column Information

See FPSDR073 Example for an example of this report.