North Carolina Escheat & Unclaimed Property Laws

The deadline for annual reporting and remittance in North Carolina is October 31 for all holders, except life insurance companies, who must report by April 30. Early reporting is permitted with written consent of the State Treasurer. Requests for early reporting must be submitted in writing.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with North Carolina’s unclaimed property laws and regulations. Holders reporting to North Carolina are required to submit their reports electronically for reports that contain 50 or more properties. Written reports may be submitted for reports containing fewer than 50 properties, but all holders are encouraged to submit reports electronically.

North Carolina Due Diligence Requirements

North Carolina requires holders to send due diligence notifications for any property with a value of $50 or more for all property types except securities or other equity interests in a business association, in which case due diligence notifications must be sent for any property with a value of $25 or more.

Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address not more than 120 days or less than 60 days from the reporting deadline.

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.

North Carolina Voluntary Disclosure Program

The objective of the VDP is to allow holders of unclaimed property to conduct a self-examination of their books and records to determine if they may be holding property which is past due and reportable to North Carolina, and to request to remit such property without being assessed interest or penalties.

Holders currently under audit by the North Carolina Department of State Treasurer Unclaimed Property Division may not be eligible to participate in the program. Pre-authorization is required to participate. currently under audit by the North Carolina Department of State Treasurer Unclaimed Property Division may not be eligible to participate in the program. Pre-authorization is required to participate.

North Carolina Dormancy Periods

Dormancy periods in North Carolina vary by property types. 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. Dormancy periods in North Carolina for common property types include:

• Wages, Payroll or Salary: One year
• Checking and Savings Accounts: Five years
• Money Orders: Seven years

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