Dear Clients,

 

This letter's purpose is to introduce a new procedure being put into place at PayServ Systems with regards to outstanding payroll checks issued on PayServ's official checking account.

 

In the past, any checks processed off of our checking account, more than 18 months old, have been turned over to the unclaimed properties division with the State of Indiana.  Doing this allows the employees of our clients to claim funds for outstanding checks they may have lost or forgotten about.

 

Going forward, all funds will be returned to the client, hence PayServ not having to file these funds with the State of Indiana in the future.  The first step will be for our banking department to notify the clients of any check in our outstanding items that are over 30 days old.  At that time, the client can notify the employee that they must cash the outstanding check.  If a check remains outstanding at 90 days, PayServ will issue a check to the client and at that time the client will be responsible for (1) getting the funds to the employee or (2) turning these funds over as unclaimed to the state.

 

I also would like to include the website address for nationwide unclaimed property.  The website allows you to choose what state you are located in as each state has different reporting periods and due dates for turning in unclaimed payroll checks.  The website for quick reference is http://unclaimed.org.

 

We anticipate this procedure to begin April 1st, 2009.  If you receive a letter from our banking department regarding outstanding payroll checks for your employees, please don't hesitate to call.  Please contact Jennifer Hull in our banking department or myself with any questions or concerns.

 

Sincerely,

Heather Marckel

Director of Finance