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October Unclaimed Property Update from Mike Ryan
October – It is Go Time!
Important Fall Reporting Dates (Non-Insurance):
October 31, 2023 – Most States
- Whether it is a “by November 1st” or “October 31st” due date (i.e., California, Hawaii, Virginia, Wisconsin); the due date is October 31st, and you could get dinged for a day!
- Want to be cautious? Get them in a day or more earlier.
November 1, 2023
- The actual due date for a few states.
November 10, 2023
- Reports for some Delaware and New York property types (i.e., Banking Property) are due; the extra ten days may help.
Best Practices 1 – Negative Reporting Reminder
EARLY October is an ideal time to finish out processing and submitting negative reports:
- Do you have holders with no property for specific states?
- Prepare and mail those negative reports.
- Fortunately for some states you do not even have to mail, you can indicate there is no property report in the state’s online reporting feature.
Best Practices 2 – Get those ducks in order!
With so many state (non-life insurance) report due dates before or on November 1, October will be a busy month. Are you ready?
- Identify timeframes to create reports, debit property, prepare for issuing checks and EFTs.
- Set a goal to have reports done and mailed by October 27th, this gives you a few days if something goes awry.
- Need more time? New York is not due until November 10th.
Best Practices 3 – 2024 reporting is just around the corner.
Even though this time can be crazy busy, the next wave of reporting in 2024 is coming soon.
- Consider starting owner outreach for 2024 now, to reconnect and reengage with property owners.
- Need help locating lost and dormant owners? That is what we are here for. Contact us in mid-November after your fall reporting is completed.
