Posted by L.G (Buc) Alboucq on 12/16/09 11:45am Msg #314597
LSI
Did you receive the Notice of impending Escheat of funds letter? Ours said we may have a check owing from 2007? Any thoughts?
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Reply by Frances Kany on 12/16/09 12:21pm Msg #314603
I have never not been paid from LSI. I have done quite a bit of work for them and have never had any problems of any kind. Never received a letter either.
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Reply by pat/WA on 12/16/09 12:26pm Msg #314604
They are so good about paying, we were surprised to receive a letter.
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Reply by JandB on 12/16/09 12:33pm Msg #314605
From Dictionary.com: Escheat is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. It originally referred to a number of situations where a legal interest in land was destroyed... I don't get it? How does this apply to being paid and why would you be getting a letter. We work for them all the time and they are a wonderful company.
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Reply by JandB on 12/16/09 12:37pm Msg #314607
Does it mean...
they might owe you money and if you don't claim it it will revert back to them?
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Reply by Stamper_WI on 12/16/09 12:38pm Msg #314608
I got one from FASS a couple of years ago
For a particular closing from over a year before the letter came. I had been paid and was able to give them the check number. My take was that there was an audit going on and data had been entered wrong. Their records did not show I had been paid when I had.
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Reply by Linda_H/FL on 12/16/09 12:40pm Msg #314609
Here's a partial definition from Wikipedia...
In some jurisdictions, escheat can also occur when an entity (such as a bank) holds money or property (such as an account in that bank) and the property goes unclaimed. In many jurisdictions, if the owner cannot be located, such property can be revocably escheated to the government.
In business, it is the process of turning over unclaimed or abandoned payroll checks, or stocks and shares whose owners cannot be traced, to a state authority (in the United States). Every company is required to file unclaimed property reports with state annually and to make a good-faith effort to find the owners of their dormant accounts. The escheating criteria are driven by individual state regulations.
Do you have an outstanding invoice from 2007 and maybe they were audited and found the extra money? Just a thought.
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Reply by BrendaTx on 12/16/09 12:46pm Msg #314612
"Any thoughts?" Yes! Read Msg #9986 of Leisure.
Advice? Yes! When the check gets there, just cash it.
Sounds an awful lot like my experiences with dear old Mom.
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Reply by Vince/KS on 12/16/09 4:02pm Msg #314650
Re: "Any thoughts?" Yes! Read Msg #9986 of Leisure.
And even more different from that check that comes from time to time from the phone company for $100 that says on the endorsement line that you undertand that signing the check allows them to switch you over to them (wondering what the new rate and calling plan would be... :>
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Reply by BrendaTx on 12/16/09 4:36pm Msg #314662
Haven't seen one of those switch checks in years!
I used to get them all the time. Never cashed one. Read the find print. I laugh now because LD is relatively CHEAP compared to the old days....and the carriers who were then financial rapists are no longer holding us over a barrel.
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