Sunday, April 20, 2014

Abandoned Property Law, and its new New York State of Mind

Posted by OnCourse Staff May 10, 2011 5:51pm

Photo Credit: Barky

According to the Office of the New York State Comptroller, all banks, insurance companies, corporations, and courts are required to report their dormant accounts. Per the law, such institutions must adhere to specific guidelines during the reporting process in order to ensure that the State’s database can remain current and consolidated with all required information.

 However, as of April 1, 2011, a recent change was made to the Abandoned Property Law, wherein the dormancy period allowed for banks, courts, as well as other property types to report their dormant accounts was reduced from five years to three years. As a result, of this change, holders of such accounts must now perform the required due diligence and remit any abandoned accounts that have been dormant for three, four, or five years. Such accounts affected include, but are not limited to, Demand Deposit Accounts, Savings Accounts and Time Deposits.

In addition, negative and preliminary reporting requirements were removed from banks. To ensure that your organization or institution remain in compliance with such laws, you may review the entire New York State Abandoned Property Law by clicking here. For more information on reporting unclaimed funds to New York State, click here.

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