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The Problem: Our client, a large financial institution, was required to escheat a substantial dollar amount of stale checks over to state government within three months. State law required them to turn over un-cashed checks that were a certain number of years old. The client did not request our help until the deadline was fast approaching.
Our Solution: We obtained the data from the client, analyzed it, and developed an audit process to recover the funds. Since time was very short, we immediately allocated resources to this project. The auditors assigned were instructed to work only on this assignment to insure timely completion of the project. We contacted all the vendors and determined that there were legitimate business reasons why most of the checks were not cashed.
Great Results: In less than one month, we were able to recover in excess of 80% of the outstanding checks resulting in over $600,000 in escheatment avoidance.
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