Wisconsin Escheat & Unclaimed Property Laws

Wisconsin has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31.

Negative reports are required for financial institutions, utility companies, and life insurance companies with a physical presence in Wisconsin, even if there is no unclaimed property to report. The negative report can be filed on the state’s unclaimed property website.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Wisconsin’s unclaimed property laws and regulations.

Holders reporting to Wisconsin are required to submit their reports electronically via the state’s unclaimed property website. It should be noted that NAUPA encryption (HDE) is not accepted.

Wisconsin Due Diligence Requirements

Wisconsin 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 60-120 days from the reporting deadline. If an apparent owner has consented to receive email delivery from the holder, the owner shall send the notice both by first class mail to the apparent owner’s last known mailing address and by email, unless the holder believes that the apparent owner’s email address is invalid.

This notice must contain a heading that reads substantially as follows: “Notice. The State of Wisconsin requires us to notify you that your property may be transferred to the custody of the state’s unclaimed property administrator if you do not contact us before (the date that is 30 days after the date of the notice). The notice must do all of the following:

• Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice.
• State that the property will be turned over to the administrator.
• State that after the property is turned over to the administrator an apparent owner that seeks return of the property shall file a claim with the administrator.
• State that property may be sold by the administrator.
• Provide instructions that the apparent owner shall follow to prevent the holder from reporting and paying or delivering the property to the administrator.

Wisconsin Dormancy Periods

Dormancy periods in Wisconsin vary by property type. Generally, most property types have a five-year dormancy period.

Accounts are considered dormant if the owner of a property has not indicated an interest in the property or if no contact has been made for the allotted dormancy period for that property.

Dormancy periods in Wisconsin for common property types include:

• Wages, Payroll or Salary: One year
• Dividends: Three years
• Traveler’s Checks: Fifteen years

Still confused or overwhelmed? Try the Sovos UP Compliance Hub 

Reporting unclaimed property in Wisconsin, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

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