Unclaimed Property: Why Due Diligence Letters Matter (Even Though They’re a Hassle)
So you’ve got unclaimed property sitting in your accounts, ready to be reported to the state. But before you do, there’s a hurdle to jump: due diligence letters. These letters, mandated by most states, require you to reach out to the property owner’s last known address. It’s time-consuming, and the cost is considered a business expense. But hold on, there’s a good reason for this extra step.
The biggest benefit? It’s the law! Almost all states require due diligence efforts before you can hand over the property. But that’s not all. These letters offer surprising advantages:
- Reuniting lost owners: You might reconnect with someone who forgot about their forgotten funds!
- Positive customer service: Reaching out shows you care about your customers, even the ones who haven’t been around lately.
- Compliance peace of mind: Due diligence helps you avoid future headaches with reporting and avoids potential penalties for non-compliance.
- Reduced workload down the line: By resolving claims now, you save yourself the hassle of dealing with them later.
- Potential revenue boost: Reclaimed property by rightful owners can mean more business for you.
While due diligence letters might seem like a chore, they offer a safety net and a chance to strengthen customer relationships. Plus, you never know, you might just make someone’s day by returning their lost funds. Customers who have lost money don’t know it and if you can be proactive and find those owners you will also reclaim goodwill with many clients. PEACC is here to help you rebuild goodwill.
For questions, or to hear more about holder requirements and how to navigate all of them, please reach out to the professionals at PEACC.com at 410.303.5510 or email at info@peacc.com.
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