Escheatable Funds: Unclaimed Checks Policy

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This policy outlines procedures when dealing with escheatable funds, or unclaimed funds (or checks). It also outlines the process of turning unclaimed checks over to the state government, and the impact on the bank reconciliation process.

This sample states that company checks should have a limit for depositing printed on the face of the check. Normally, if the check is not presented for payment prior to this time, banks will not honor the check and the item will continue to remain outstanding on the monthly bank reconciliation. At the end of each fiscal year, all checks which have been outstanding more than one year should be investigated and the source of the payable determined.

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