If you are involved with the unclaimed property process, you probably know that completing your due diligence requirements is the big focus from July to September. Did you also know that some states require due diligence letters to be sent as certified mail? Yes! In fact, a few states require certified mail for their due diligence letters as shown below:
New Jersey – Requires certified letters to be sent for ALL lost owners with properties valued at $50+. A return receipt is requested.
New York—Requires certified letters to be sent for lost owners with properties valued at $1,000+. If the property has multiple owners, you must ensure that each owner receives their own certified letter. The good news is that the state of New York allows holders to deduct the cost of certified mailing from each record included in the mailing.
Ohio—Requires certified letters to be sent for lost owners with properties valued at $1,000+. A return receipt is requested and there must be a self-addressed stamped envelope (SASE) included. Holders can deduct up to $20 of the cost for each property that requires the certified mailing.