Trying to find lost owners can be challenging, but if you have good procedures in place, you may be more successful. Below are some tips from the experts at UPCR:
• Confirm the minimum dollar values required by states.
• Verify whether the state requires a date or a time period to notify owners.
• Confirm that the owner does not have other active accounts, or is a current employee.
• How does the state want notice – letter, certified mail, publication?
• Make sure your letter easy to understand and clearly states where/how/when to reply.
• Is your letter or post card clearly marked Action Needed, Response Required, Urgent, etc.?
• Emphasize that the property will be turned over to the state if there is no response.
• Give ample time to reply and process their payment – be sure to give a reasonable deadline to do so.
UPCR successfully performs due diligence for our clients. Contact us today for a free consultation – we will be glad to take this burden from you!