Can you reduce your uncashed checks the state is trying to claim?
If you’re usually stuck with uncashed checks that you have to escheat to the state, then it may be time to switch over to this.
Using ACH payments, which can be used for monthly debits for routine payment to vendors, is the best way to reduce your unclaimed “checks.”
Why? Uncashed checks are usually the result of a vendor not receiving the payment in the first place. ACH payments greatly reduce this because vendor payments will always get to the recipients. It’s impossible to do an ACH payment without the recipient’s bank routing and account numbers.
With states aggressively attempting to collect funds from all sources including unclaimed property, now may be the time to switch to ACH.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
Further Reading
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
Late or slow payments continue to stall progress for today’s finance teams. These delays often stem from large organizations renegotiatin...
With all the work your A/P department puts into issuing timely payments, it can be frustrating to find out there’s unclaimed property...
Because your A/P staff is so good at keeping important bills paid, it unfortunately makes them a prime target for payment fraud email campa...
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
Fall is the crunch-time season for unclaimed property reporting and escheatment. The states with approaching deadlines are almost as numero...
