Delaware Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Delaware | Banking: July 1 to June 30 Insurance: January 1 to December 31 Others: January 1 to December 31 | Banking: Before November 10 Insurance: Before December 20 Others: Before March 1 | $50 minimum (no minimum for securities), written notice to last known address 60 to 120 days prior to report filing, first class mail. | Not Required but recommended | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: ACH, Wire, Check Securities: DTC or DWAC | Delaware Unclaimed Property |
The current statutes that govern unclaimed property in Delaware can be found here along with the Holder Handbook. Delaware has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Delaware Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Delaware is July 1 to June 30 for Banks, January 1 to December 31 for Insurance companies and January 1 to December 31 for all others.
Delaware Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50 (no minimum for securities), written notice must be sent to the owners last known address 60 to 120 days days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Delaware Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before November 10 for Banks, Before December 20 for Insurance companies and Before March 1 for all others.
Delaware Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Delaware Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through ACH, Wire or Check. Securities can be transferred through Depository Trust Company (DTC) or Deposit / Withdrawal At Custodian (DWAC).
Delaware Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Delaware does not require negative reports but recommends them.
Delaware Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Delaware does have a VDA program.
Delaware Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Delaware vary, refer to the state dormancy period in the Holder Handbook. Some common property types are as follows: Wages, Payroll, Salary (5 years), Checking Accounts (5 years), Traveler’s Checks (15 years).
More information from the state of Delaware on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.