Financial Institution Case Study
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 uncashed checks that were a certain number of years old. The client did not request our help until the deadline was fast approaching.
We obtained the data from the client, analyzed it, and developed an audit recovery process to collect the funds. Since time was very limited, we immediately allocated appropriate resources to this project. We contacted all the vendors and determined that there were legitimate business reasons why most of the checks were not cashed.
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.