California Unclaimed Property Penalties & Notices Catching Many Companies Off-Guard

Posted on Thursday, 14th April 2011 by Keane Unclaimed Property Team

Welcome back! If you haven't already, we invite you to sign up for our premium quarterly newsletter, Keanotes. It's free and contains feature articles by our consultants plus detailed legislative updates that you won't find anywhere else. Click here to sign-up. Thanks for visiting again!

We’ve seen the word “escheatment” achieve a new level of notoriety over the past several months, and it’s largely due to the recent wave of unclaimed property penalties and notices that have been sent out by the State of California Controller’s office.

These interest assessment notices are the result of a recent internal review by the Controller’s office to identify “past due” property that had been reported and was included on the unclaimed property reports filed since 2007. Read More »

Posted in: Escheat Law, Escheatment, Legislative Updates, State Escheatment, Unclaimed Property | Comments (0)

Dormant Account Escheat Rules:
When Client Accounts Become Inactive

Posted on Thursday, 19th August 2010 by Keane Unclaimed Property Team

Time and time again at Keane Unclaimed Property, advisory firms will come to us in an effort to avoid dormant account escheatment by finding a client who has essentially disappeared.

Maybe they’ve moved to a new address without notifying their investment firm, perhaps they’ve removed the IRA from their brokerage account or even passed on. Nonetheless, no matter what the situation, firms are constantly trying to track down clients whose accounts are inactive or even dormant. Read More »

Posted in: Dormancy Periods, Escheat Consulting, Escheatment | Comments (0)