What Constitutes Intangible Unclaimed Property Reportable Under the Law?

Generally intangible personal property for which there has been no owner generated activity for a specified period of time called “dormancy period” or “holding period”, is considered dormant or unclaimed.

Examples of intangible unclaimed property include:
-Uncashed payroll or commission checks
-Uncashed accounts payable/vendor checks
-Accounts receivable credit balances
-Gift certificates/gift cards
-Customer merchandise credits, layaways, deposits, refunds or rebates
-Overpayments/unidentified remittances
-Suspense accounts -Unused/outstanding benefits (non-ERISA)
-Goods received but not invoiced
-Miscellaneous income/bad debt expense accounts

Your Total Source for Unclaimed Property Compliance

Get in touch with us!