Don’t Get Fined for Lost Funds: Build an Unclaimed Property Team
Forget about an old security deposit or unused account? That’s unclaimed property, and states are getting tougher on businesses that hold onto it. Failing to report it correctly can lead to hefty fines and penalties.
Here’s how a dedicated unclaimed property team can save your company money and hassle:
- Stay Compliant, Avoid Fines: States are cracking down on businesses that miss reporting deadlines or make mistakes. A team keeps you updated on changing laws and ensures accurate, on-time reports. No more risking audits or expensive penalties.
- Simplify Complex Laws: Unclaimed property laws vary by state and can be confusing. Your team figures out what applies to your business and handles the reporting process, saving you time and legal headaches.
- Happy Customers, Repeat Business: Returning lost funds to rightful owners builds trust and goodwill with your customers. This can even lead to more business in the future.
- Streamlined Process, Less Work: No more chasing unclaimed property info across departments. A team centralizes everything, making the process efficient and organized.
- Peace of Mind: Non-compliance can be a major worry. With a team handling the legwork, you can relax knowing you’re covered.
Building Your Team: Look for detail-oriented individuals with a strong understanding of regulations and clear communication skills. Consider partnering with unclaimed property experts for additional support.
Investing in an unclaimed property team isn’t just about avoiding fines. It strengthens customer relationships, saves money on penalties, and streamlines internal processes. It’s a win-win for your business and your customers.
For further information, or to find out what types of property a holder should be reporting to be compliant, please reach out to a professional at PEACC.com (410.303.5510 or email us at info@peacc.com) to discuss all your unclaimed property needs or questions. Contact PEACC before a state contacts you!
