Doggie Bag
Friday, May 11, 2018 7:00 AM

Q:  Are we required to follow escheatment/dormant property laws for states other than the ones where our credit union is located?

A:  Yes.  Dormant property, once it has reached the applicable state law inactivity period for the state where the member resides, must be sent to the state where that member resides. Even when your credit union is located in a small area in one state, if one of your members lives in another state, you must apply the member’s residential state to any property subject to turnover. Timeframes for turnover are different for different states, so this may require additional research if your membership lives across many states.