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This is a follow-up to the first letter (Unclaimed Property Notice Ltr #2) if you have not received a response to that first letter. It is important to keep your A/R as clean as possible and comply with State Unclaimed Property Regulations.
This letter is part of a series of 2 letters and several policy templates you can use to craft your own Unclaimed Property (Escheattment) Policy.
If the customer responds that the balance is zero, the credit can be taken as unearned income. If the post office returns the letter and the addressee is untraceable, then the account is considered to be abandoned property and is subject to state escheat laws.
If there is no response within 60 days, a second request is recommended and this file is an example you can use for this.
For those accounts that still do not respond and for which you receive no returned mail, you may take the balance as unearned income, according to the Credit Research Foundation. Be advised, however, that some states may not accept your conclusion that the customer did not claim the balance because they did not respond to your letters. So make sure you keep a record of the credits taken for support, to show that you still consider the matter open and have not yet given up trying to locate the customer.
As always, you should consult with your auditor or attorney on matters such as this.
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