APA's Top Payroll Questions & Answers for 2020 - 42

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APA's Top Payroll Questions & Answers for 2020

Mitigation of escheated employee pay

Q.

Paying the Employee

We are a payroll vendor with a client that is having issues with
terminated employees not cashing their checks and having to go
through the escheatment process. This is becoming costly in some
cases. The client would like to avoid the steps involved with unclaimed
wages. Are there any recommendations or solutions you can suggest?
We are looking for a solid process to eliminate some of the problems.

A.

There is always the possibility for these complications when issuing
a live paper check to an employee, and especially a terminated
employee. When wages go unclaimed, most states require employers
to first try to contact employees in an attempt to keep unclaimed
wages from becoming abandoned property. Employers are also
generally required to file annual reports with the state that include each
employee's name, last known address, amount and payment date of
the unclaimed wages, and the date of last contact with the employee.
Some states also require employers to keep a record of this information
for a certain number of years.
You do not mention the state involved in the situation you describe.
If the state permits the payment of an employee by a paycard, it may
be possible for you to pay the terminated employee with a paycard
instead of a check, which would address your client's escheatment
problem.
APA's Paycard Portal offers a wealth of information for employers
about paycard programs. Two answers to FAQs on the Paycard
Portal are pertinent to your question about terminating employees.
First, paycards are normally funded using the ACH processes used
for direct deposit, and this normally takes one or two days. However,
many paycard providers offer other methods of making immediate or
same day transfers that can be used for a terminating employee; it is
advisable for an employer searching for a paycard vendor to verify this
capability with the vendor.
Second, when funds paid on a paycard escheat the financial
institution holding the employee's account, not the employer,
is responsible for escheatment of funds left on the card. This
responsibility is similar to that for the direct deposit of funds.
42



https://paycard.americanpayroll.org/

APA's Top Payroll Questions & Answers for 2020

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Table of Contents
APA's Top Payroll Questions & Answers for 2020 - Intro
APA's Top Payroll Questions & Answers for 2020 - Cover1
APA's Top Payroll Questions & Answers for 2020 - a
APA's Top Payroll Questions & Answers for 2020 - b
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APA's Top Payroll Questions & Answers for 2020 - Table of Contents
APA's Top Payroll Questions & Answers for 2020 - e
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