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1 Swiss Bankers Assoc.
        - July 23, 1997
        - October 29, 1997

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All states have procedures and forms to use when claiming unclaimed property;nearly all states maintain the unclaimed asset as custodian forever.

The turnaround time for claiming an asset may vary, however, states attempt to expedite claims in a timely manner when sufficient ownership documentation is provided. Often a claim requires a review and approval by more than one agency, or payment is issued by an agency which is not associated with the program administration.

States offer assistance to eliminate unnecessary delays in documentation requests and payment of the unclaimed asset. Some of the most common reasons for delays in processing are:

•Claim form is not signed by claimant, or signature is not notarized;

•No identification is presented by claimant;

•No supporting proof of ownership is filed with the claim;

•There is insufficient information available to verify property ownership;

•Some states issue an annual listing of all owners of unclaimed property which causes an influx of claim-related inquiries and processing requirements;

•Additionally, states have reporting deadlines for businesses to follow when remitting unclaimed assets. These peak periods of reporting and owner notification can have an impact on the time frame needed to process a claim for approval.

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