Alabama Escheat & Unclaimed Property Laws

The deadline for annual reporting and remittance in Alabama is October 31 for all holders. Early reporting is permitted with prior written approval from the Administrator.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Alabama’s unclaimed property laws and regulations. Holders reporting to Alabama are required to submit all reports electronically.

Alabama Due Diligence Requirements

Alabama requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address, at least sixty days prior to filing the report.

This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.

Alabama Dormancy Periods

Most property types in Alabama have a dormancy period of three years. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Other dormancy periods in Alabama for common property types include:

• Wages/Payroll, Salary – One Year
• Money Orders – Five Years
• Travelers Checks- 15 Years

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