This document includes two sample policies that establish clear procedures and timelines for unclaimed/uncashed checks, wire or ACH payments. These samples outline detailed procedures and responsibilities for handling checks that have not been claimed or cashed by their recipients. The policy covers various scenarios, including checks issued to domestic and foreign entities, and provides a framework for the timely follow-up of these payments.

Additionally, the document delineates the roles of different company departments in maintaining accurate records, conducting due diligence, and ultimately reporting and remitting unclaimed property to state agencies. This ensures that the company not only adheres to legal standards but also maintains good financial governance and customer relations by responsibly managing unclaimed assets.

The following standards are covered in this policy:

• Payments that remain uncashed or unclaimed 90 days after the issuance of payment require follow-up.
• The amount of effort used in that follow-up process should correspond with the schedule in the next section.
• If the payee notifies the company of their desire to claim the property, the claim will be verified, and the asset will be transferred back to the vendor account for payment (debit state outstanding check account and credit vendor account).
• When processing the remittance to the state, the transaction will debit the state outstanding check account and credit the cash account.