Annual Escheat Rules (AC March 2023)

1. Create a ledger labeled “Escheat 2023” and move all funds under $100 which are over a year old for un-locatable payees.
2. Send “Due Diligence” letters to all payees with funds due over $100 which are over a year old. The letter does not need to be certified.
3. File the Annual escheat report by November 1st. For more information, click here.

Sample Due Diligence Letter on your Agency Letterhead:

Mr. and Mrs. Account Owner

123 Main Street

Richmond, VA 22123

   File Number:

   Property Address:

Mr. and Mrs. (Escrow Account Owner):

It is our policy to review and update our escrow account records periodically. Based on our review of the agency’s outstanding accounts, we are holding funds which are owed to you. To prevent us from reporting and remitting your account to the Virginia Department of Treasury - Unclaimed Property Division, you must contact us immediately at (804) 555-1234. Your timely assistance is appreciated.

Sincerely,

Your Signature