Compliance
We will carefully review your stale records and apply due diligence and dormancy tracking rules by property type and state to determine what to escheat when, and to what state to send the reports. During the term of our agreement, we’ll continually monitor the stale records not yet ready for reporting and apply the most current due diligence and dormancy tracking rules to ensure they get reported appropriately based on state requirements. All records and reports are retained for the life of your service agreement.
Due Diligence
We will generate, print and mail your due diligence letters based on state requirements.
Reporting
We will create final unclaimed property state reports for each state in accordance with each state’s requirements, send them to you for review and approval and send you clear and comprehensive delivery and payment instructions with each report.
Audit Trail
We will log all changes impacting property records, providing you with the ability to see who did what and when.
Audit Library
We will retain archived copies of your state reports, cover sheets, and due diligence letters.
Claims Processing
Sovos can act as Claim Contact on your behalf during the claims process. We will process all your incoming mail during the claim window and update all records with the appropriate statuses. Sovos will attach the soft copy of the claim forms received to each property record as part of the historical view and for audit trail purposes. The hard copy of all RPOs (Returns from Post Office) and claims will be provided to your company for internal record keeping. Additionally, we can provide call center services to assist with incoming questions from lost owners. We’ll track and update your property records during the claims process. All you’ll have to do is process the claims and reissued checks.