Our company has a policy of writing off items plus or minus $1,500. With the escheatment laws, is it proper to write off items that are overpaid, even if the item is less than $1,500?

We contacted Karen Anderson, an attorney and escheatment expert who works for UPPR, an unclaimed property consulting company. She confirmed our concern that it is not proper to write off overpayments. You may have a considerable escheatment liability, depending on how long you have followed that policy. We recommend that you consult an attorney or an escheat expert such as Karen. Karen has given permission to pass along her contact information to you. Her phone number is 317-577-9530, email: kanderson@uprrinc.com.

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