Dear Drebit: Is there a more customer-friendly OUF-8 notice businesses can provide to account holders? Sincerely, Unclaimed Funds In New Albany
Dear Unclaimed Funds:
You know that feeling you get when you pull a forgotten $20 dollar bill out from deep inside your jeans’ pocket; faded and pressed from being through a wash cycle or two. It always kind of seems like the cash just materialized out of thin air. In fact, maybe you even “remember” spending it … But alas, there it is, as plain as the gills between my toes.
Unclaimed funds are kind of like that too, but instead of finding a bit of cash in your pocket, you will likely find a notification in your mailbox.
Unclaimed funds may include savings, checking, certificates of deposit accounts, payroll (wages, underlying shares principal), insurance proceeds, credit balances, customer deposits, traveler’s checks, money orders and other intangible interests or benefits that have had no activity over a specific period.
Businesses are responsible for notifying account holders of their unclaimed funds by using the official Notice of Unclaimed Funds Form (also known as OUF-8), which will be sent to the account owner’s last known address. The purpose of this form is to notify you that the funds will be remitted to the state as unclaimed funds if you do not claim them over the next 30 days. NOTE: Your unclaimed funds cannot be remitted to the state until the 30-day period has expired.
Therefore, because the OUF-8 is the official form used throughout the State of Ohio, the answer to your question is no, there is not a more customer-friendly OUF-8 notice available. That being said, you are not necessarily required to complete the form in its entirety. The only information you must include is the:
- Recipient/account owner’s name
- Recipient/account owner’s address
- The dollar amount in question.
From there, it is up to you to decide if you want to provide the recipient with more customer-friendly information.
For example, you may like the idea of including a cover letter with your OUF-8 forms as a way to provide helpful, more personalized and branded information to the account holder. The letter might include information about your business as well as instructions for claiming the funds. It may also be a good idea to inform them of what will happen if the account owner does not claim the funds within the next 30 days. Just remember that a cover letter is only meant as a supplement to the official OUF-8 form. The OUF-8 may either be sent on its own or with your customized cover letter – the cover letter cannot be sent in lieu of the OUF-8 form.
Unclaimed Fund Clarity
I certainly hope I could clear things up for you about the unclaimed funds/OUF-8 form; but if you have additional questions, please do not hesitate to ask the financial experts at Rea & Associates.
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