KeepUP™ Blog

If you haven’t worked with abandoned and unclaimed property for a long time, one of the most confusing parts of your job could be sorting out all the different codes required in unclaimed property reports. It seems simple: just use the code each state requires for the type of property you are escheating. Easy, right? Well…sort of.

Unclaimed property often is seen as a secondary accounting and compliance concern. As a result, unclaimed property objectives sometimes get shoehorned into the parameters of existing recordkeeping and scheduling technology. Sometimes new technology is purchased to supplement the old. 

• A regulatory database is simply bolted on to old software
• Due diligence template letters are dropped into existing customer information systems
• Customer contacts are noted manually

Those who control the purse strings might say: "We'll just add manual notes in our old system to document transactions or modify an unused customer field to categorize property. We'll simply schedule reminders in the current system to track dormancy and trigger due diligence."