Friday Lost + Found: Australia Amendments, NY Numbers, Escheat Events
Australia to Revise Bank Account Rules — According to an article om News.com.au, the Australian government is considering legislation to (re)revise its laws relating to unclaimed bank accounts. Under the current rules, certain bank accounts are deemed unclaimed if there has been no activity for 3 years. The proposed revisions would change the period of inactivity required to 7 years.
New York Holding $14B in Unclaimed Property — Every once in a while, we like to keep tabs on the current amount of money being held by the states’ as unclaimed property. According to one recent article, the amount currently held by the New York Office of Unclaimed Funds for New Yorkers is $14 billion as of fiscal year end March 31.
Upcoming UPPO Webinar on Recovering Property — Though we spend the vast majority of time on this site writing about the process of reporting and remitting unclaimed property, it is worth remembering that most holders of unclaimed property are also owners of unclaimed property held by others. On October 14, the Unclaimed Property Professionals’ Organizations is sponsoring a webinar on “How to Recover Property for Your Company”. Webinar details and registration information can be found at the UPPO website.