The deadline for annual reporting and remittance in Alabama is October 31st 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 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.
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:
Reporting unclaimed property in Alabama can be a stressful process that consumes valuable internal resources, especially if you must report in other jurisdictions as well. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
State of Alabama Treasurer’s Office - Unclaimed Property Division
P.O. Box 302520 | Montgomery, AL 36130-2520
Phone: 888.844.8400 or 334.242.9614