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Consumer Support for Unclaimed Property Events

Many States in the United States have enacted State unclaimed property laws under which a Card Issuer may be required to escheat the Gift Card to the State in an amount and at the time required by State law if you have not used your Gift Card within a certain time period. These time periods are set by State law and, depending upon the State, usually are two-year, three-year or five-year periods. If the balance of your Gift Card becomes unclaimed property subject to a State’s unclaimed property law, then the Card Issuer may be required to pay the balance of the Gift Card to the State in an amount and at the time required by the State law – at which time the State will hold the balance for you as a custodian. At that time, you may lose the ability to use your Gift Card to buy goods and services. If this occurs, you may inquire about the status of your Gift Card by contacting us. See Contact Us.

Thank you for your inquiry. [This discussion is being recorded for future reference.] May I have your name and the identification number on the notice? *** Thank you. We have located your notice. Pursuant to unclaimed property statutes enacted by States in the U.S., we are required to report and remit unused property to the State if the property has remained unused for a period of time. This process of remitting a property to the State is known as escheat or escheatment. The unclaimed property statutes also require that we send notice to you in advance of escheat so that you have an opportunity to stop the escheat of your property to the State by responding to the notice and/or claiming your property.

The 50 States of the U.S. and several territories (the “States”) have enacted statutes that require the holders of unused property to report and remit the property to a State if the property is abandoned by the property owner. These statutes deem a property to be abandoned by its owner if it remains unused or unclaimed by the owner for a period of time specified in the statute. These time periods vary but typically range from 1 year to 5 years of non-use. For general information about unclaimed property and escheat visit missingmoney.com/.

Your property falls into a category of properties which we are required to report and remit to the State pursuant to its unclaimed property statute. The types of property that are subject to escheat vary from State to State. Examples are bank accounts, general purpose reloadable (sometimes called GPR) cards, payroll cards, government benefit cards, and gift cards depending upon the State. In your case, the property is a ____ with a value of _____.

Unclaimed Property Notice of Escheat FAQs

To assist with customer service regarding unclaimed property and escheat, below is a set of frequently asked questions regarding unclaimed property notices that are sent to property owners before their property is escheated to a State. These FAQs are designed to assist individuals engaged in customer service or support and who need to respond to persons whose property will be subject to escheat. A separate set of frequently asked questions addresses the filing of the unclaimed property reports with the States.

The notice is required by an unclaimed property statute of a State. It is sent to you by us on behalf of the issuer or holder, ______, to provide you an opportunity to stop the escheat of the property to a State by responding to the notice and claiming your property.

We understand your concern. If you wish to verify the authenticity of the notice then please undertake the following process: [To be added.] Or, you can also claim your property from the State after it has been reported to the State.

If you do not respond to the notice, your property will be reported and remitted to the State via the escheat process.