Article written By Bill Dadmun, Records and Receipts Manager; State of Virginia

How many of you use the aggregate function when reporting?  Does it make your life easier?  Listen to this scenario and tell me if it sounds familiar.

You get a call from someone that is due $49.95 from a credit balance.  You know based on the time frame that this account has already been reported to the state, so you refer them to the proper state, even providing them with the searchable website and how to submit a claim form.  You have done all of the right things only to get another call within the hour.  This time, the customer is mad, because the state says they cannot locate any property in their name, in particular not from your company.  “What is the problem with them!?!” You think to yourself.

 Due Diligence is the act of sending out letters to your lost owners or publishing their names in newspapers.  Almost every jurisdiction has laws that require companies to perform due diligence. The most common requirement is to send letters 120 days to 60 days before your filing is due. You’ll definitely want to meet each state’s requirements but I believe you should do more.

Many of your lost owners are likely customers whose business you wish to keep. I encourage you to send a round of customer service letters as soon as you can. The earlier you reach out to the customer, the better your chances of making contact and renewing your business relationship. 

You’ll still be required to perform due diligence within the states’ required timeframes, which will give you a second chance to reconnect with the remaining lost owners.