This page addresses key areas of interest regarding Washington unclaimed property and escheatment laws and regulations.
Like most states, escheat reporting deadlines for Washington State are in the fall on October 31. Holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Washington’s unclaimed property laws and regulations.
Washington State requires holders to perform due diligence mailings for items valued at $75 or greater each reporting season. It is recommended that holders begin their due diligence mailings early in each reporting cycle. Washington has guidelines mandating that these letters be after May 1, but before August 1. Holders should plan mailings accordingly to proactively notify owners and maximize the effectiveness of these campaigns.
Most property types in Washington 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 Washington for common property types include:
Reporting unclaimed property in Washington 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.