1. Are Due Diligent letters required?
Yes, a written notice by first-class mail to the apparent owner at the owner's last known address. In the notice, the property holder must inform the owner that the holder is in possession of property subject to the abandoned property law and that the property will be considered abandoned unless the owner responds within thirty (30) days of the notification. The holder must send the notice not more than 120 days or less than 30 days before filing the required report with the Comptrollerís Office.
2. What dollar amount minimums require Due Diligent letters?
Effective July 1, 2005 letters to be sent to accounts/owners with amounts of $100 and up.
3. Negative reports, do I have to send to the State of Maryland?
Negative or None reports are only required for utilities, nursing homes, banks and other financial institutions and all insurance companies on the other filing cycle.
4.When can we start sending the reports to the State of Maryland?
Please do not file prior to July 31st of that report year, unless otherwise directed.
5.What is an Access Code?
It is a self created code, please record this information in your records in case you don't finish filing. You may edit the report when you return to the site.
6. Aggregate amounts, do I need to include the detail information?
If your records do not show an owner name for any item, report the total aggregate amount. But if you have the owner vital information and the amount is under $100.00 dollars, please provide that detail information. Without it, we will have to direct the original owner back to your company for written proof of affiliation.
7. Cannot Print Remit Advice?
Please read Note at the bottom of a sample report.
8. What methods can the report be filed?
- Paper Reports: 20 accounts or less no matter the dollar amount.
- Electronic: HRS PRO - Xerox HRS PRO Software Guide
- Electronic: UPExchange - ETM UPExchange Overview Web Entry. To use this application you will need Netscape Navigator 4.01 or higher or Microsoft Explorer 4.0 or higher. AOL users will need version AOL 6.0 or higher. This application allows you to submit unclaimed property reports and payment for one or more companies from a file without having to enter the data. The file will be securely transmitted for verification of correct format. The file must be a text file and must be in the NAUPA 2 format.
9. How do I obtain a Holder Number?
If you are a New holder using this application for the first time and do not have a Maryland holder number, please download the New Holder Information Form (click link - Maryland Unclaimed Property Application); and e-mail to email@example.com.
10. Where can I find the property codes?
New Relationship and Ownership Codes with accompanying definitions were added and became effective on September 26, 2013, NAUPA Electronic File Information.
11. How can I report Safe Deposit items?
This is a 2 Step Process:
- You will provide a detail inventory spreadsheet for each individual Safe deposit Box that you would like to report.
- We will review the detail sheet and will mark/note/check off which boxes will be Accepted or Rejected. During Holder reporting season it can take up to 30 days to review.
- Once you have received the updated detail sheet for the Accepted boxes. We will make arrangements with the mailing information for our office to receive the Accepted contents.
12. Are there instructions on how to use the Interactive Online Reporting Service on your site?
Yes, There are instructions for uploading your NAUPA formatted file directly onto the site HERE. There are also instructions to hand key your report HERE.
SAFE DEPOSIT BOX - FAQs
1. What is the procedure for submitting safe deposit box contents?
- First a preliminary report should be submitted for review via an inventory spreadsheet.
- Once the items from the preliminary report have been marked as accepted or rejected, the report is returned for preparation.
- Submit finalized report along with accepted Safe Deposit Box contents to be processed.
2. When should a preliminary report with the inventory spreadsheet be submitted for review?
All preliminary reports should be submitted in the reporting year prior to October 31st to allow sufficient time for them to be reviewed and returned for finalized preparation.
3. Can Safe Deposit Box Reports be submitted with the Bank Account Reports?
No, they are separate report from the annual Bank Account Report submitted with funds.
4. How long does it take for the inventory spreadsheets to be reviewed?
It can take up to 30 days for the contents to be reviewed and marked as accepted or rejected.
5. What does accepted or rejected mean for reporting purposes?
Rejected items are contents that do not have a monetary value for owner(s) to claim through our department and cannot be accepted by our agency. A few examples of rejected items are weapons, contraband of any kind, birth/marriage certificates, papers, receipts, etc.
Accepted items are those contents that have a monetary value that can be shipped to our office along with your Safe Deposit Box Report and inventory detail sheet. Examples of accepted items are jewelry, coins, money, stock certificates, etc.
6. How are the accepted Safe Deposit Box contents mailed or shipped?
The contents can be sent via UPS, Federal Express or certified mail at the banks discretion.
7. Can Safe Deposit Boxes be picked up?
Yes, Safe Deposit Box contents within the state of Maryland can be arranged for pick-up by submitting a request either with the preliminary report or via email at firstname.lastname@example.org for prior approval.
8. How long are banks required to keep the rejected contents of a Safe Deposit Box?
Rejected contents can be destroyed by the bank after 90 days.
9. How are reports created for the accepted Safe Deposit Box contents?
Safe Deposit Box reports can be submitted in NAUPA format via CD-ROM or through our website. https://interactive.marylandtaxes.com/business/Compliance/UnclaimedPR/