For those who don’t know, UPExchange is our full unclaimed property tracking and reporting system. Users of UPExchange can file directly to the states through our system. This means we transmit the NAUPA report file and coversheet directly to the participating states via a secure website where the states can log in to retrieve the reports. A voucher is provided at the end of the report process for you to print and mail to the state along with your payment. The voucher has a submission number the state uses to match your payment with the state report.

Five of these states: Iowa, Maine, Kentucky, South Carolina, and South Dakota take it one step further and allow you to transfer funds directly to the state via ACH Debit during the reporting process. This makes the processing unbelievably simple. There is literally nothing that needs to be mailed to the states when this option is used.

UPExpress is a portal that allows users of any unclaimed property software to submit their reports directly to the states online. If you have a NAUPA file and a coversheet, it doesn’t matter what system you used to generate it. You can go out to UPExpress and use our convenient online delivery to the states.

Important note for Texas and Indiana filers. There is a lot of confusion surrounding these two states. They both require online filing and will not accept CDs any longer. However, they have not yet signed on to participate with our online filing system. You’ll have to go to the state’s website and upload your reports there.

Texas online filing website can be found here.

Indiana online filing website can be found here. You do have to register with Indiana to get a log in established before you can submit online.

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

More Posts

Tennessee just updated their reporting guide and introduced some changes. The biggest change is they have adopted the NAUPA Standard Relationship Codes. This is a list of relationship codes that was recently approved by NAUPA and many states are now adopting their use. My favorite thing about the new codes is that they include complete descriptions. This is huge as no one is born knowing what relationship codes are and their definitions have been a mystery to most holders until now.

You can view Tennessee’s updated forms here. The list of relationship codes and their full descriptions can be found on page 11 and 12 of the Reporting Guide here.

One last note, Tennessee asks that we not send coversheets any longer. They have no need for a hard copy of the coversheet.

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

More Posts

What is the impact this will have on your Missouri filings in 2015?

Life insurance companies are due to report by May 1, 2015. With this report, you will want to include any payroll checks that were issued on or before 12/31/2011.

All other types of companies are due to report by November 1, 2015. With this report, you will want to include payroll checks that were issued on or before 6/30/2012.

The bill also introduces a new business exemption among other changes. Click here to view the entire bill. If you are interested in applying the exemptions, make sure you read through all of the conditions that apply.

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

More Posts

Most states have one filing due date each year, where you send a list of lost owners and payment for the amount you are reporting. California has a cycle that includes 2 different reports.

Step 1: Holder Notice Report (aka Preliminary Report)

The first report is known as the Holder Notice report. This is where you send the detail about the lost owners to the state. You do not send payment with the Holder Notice report. The purpose of this report is to provide the state with the information they'll need to perform their own notifications.

When you send this report, it is important not to update your records as being paid to the state yet. They need to remain in your list of open (current) records. For UPExchange users, these records will show a status of ‘L' which means ‘Reported on Preliminary'.

Step 2: Update Records for Owners California Locates

When your lost owners respond to California and submit a claim, California will communicate this to you. It is important to update the records in your reporting system. You will mark each record to show it has been paid to the owner when you return the value of the property back to the owner. For UPExchange users, the status will need to be updated to ‘Paid to Owner'.

Step 3: Remit Report (aka Final Report)

California will let you know when it is time to send remittance for the owners who have still not claimed their property. A reporting reminder will be mailed to the person listed as your ‘Report Contact'. You will need to send the detail for the remaining owners and send payment at this time.

The remit report must not include records that were not on the holder notice report. If you have filed the holder notice report and you have new California records come in, you must submit the new records in a separate filing. This will start a separate cycle of holder notice then remit report.

Report Due Dates

Many holders file late and don't adhere to the normal due dates. This makes it harder to keep tabs on when the different reports are due.

If you file in a timely manner, you can always expect to submit the reports on the following dates:

Life Insurance Companies file the Holder Notice report by April 30^th then file the Remit Report between December 1^st and 15^th.

All other holders file the Holder Notice report by October 31^st then file the Remit Report between June 1^st and 15^th.

You can view California's General Reporting Quick Guide here.

You can view the complete Unclaimed Property Holder Handbook  here.

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

More Posts