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Review the Banking Industry Handbook to see what types of funds are covered Under Article III of the Abandoned Property Law, covering only property types due this cycle. Refer to our Property Type Tables for more information on other sections of the APL that may apply to your organization.
Banking Industry Reporting Timeline:
June 30 Determine which accounts are dormant for the Banking Institution industry abandoned property reporting cut-off date.
August 10 Send a notice by first-class mail to all owners with a valid address.
August 31 Publish an alphabetical list of owner names by last name, including addresses, in a newspaper published in the city or village where the property is payable, except in New York City, where it must be published in the county where it is payable.
September 10 Send a notice by certified mail to owners owed over $1,000 who did not respond to the first notice.
September 10 Send proof of your publication by email to NYSRPU@osc.ny.gov.
November 10 Ensure your final report, including accounts/items and owner details, remittance and Verification and Checklist (VCL) (AC2709) is received by our Office.
Watch our eLearning videos for help with completing and filing your report. |
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Important Details
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Do not use property type code ZZZZ for miscellaneous property if reporting in NAUPA format. Identify the proper code for the property being reported. Property type code ZZZZ should only be used for reporting interest due if your report was or will be filed late.
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Using a New York format for reporting unclaimed funds? Move to NAUPA format before filing your next report! NAUPA will be our preferred format in 2025, so prepare early.
When preparing and submitting reports, keep in mind the following:
- The Federal Employer Identification Number (FEIN) of the reporting entity must be provided, without hyphens, in the appropriate field(s) on the VCL/EVCL or report fields when submitting your report.
- Banking Institutions are subject to other statutory requirements of the Abandoned Property Law (APL). Submit all unclaimed funds due in their specific industry reporting period on a single report. Only report property that has reached dormancy by the industry cut-off date. Do not submit prior to the cut-off date.
- Any bank acting as a paying agent or trustee should determine abandoned property in the same manner and conditions as amounts or securities subject to Article V but must follow the cut-off dates and reporting requirements of Article III as summarized in the banking industry reporting timeline above.
- Banks not acting as a paying agent or trustee, must report all general ledger property in the General Corporation, All Business Entities, reporting cycle.
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