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Unclaimed Property Administration

Reporting Safe Deposit Boxes/Tangible Property

Business entities that maintain and/or hold safe deposit boxes or tangible property for customers have the responsibility to escheat these items if contact with the customer is lost. The dormancy period for safe deposit boxes is 5 years. Safe deposit boxes may be drilled one year from the last date of contact from the owner, or one year from the due date of a payment not received or one year after the expiration of the lease. Below are the steps a business entity, or an authorized representative of the entity, would need to complete for compliance with New Jerseys Uniform Unclaimed Property act.

STEP 1: Drill box and Inventory Contents

After contact has been lost for at least a year the Bank/business entity can drill, inventory, and securely store the items in a new location. This process must be completed by an authorized representative of the bank/entity with a notary present. It is preferred that the notary be an independent representative. The contents of the box, along with the notarized, detailed inventory of the contents shall be placed in a sealed bag. This sealed bag should be stored in a secure location (general vault, etc.).

STEP 2: Complete the Preliminary Report using HRS Pro Software

After 5 years have passed since the contact with the property owner, an authorized representative from the business entity must complete a preliminary report using the HRS Pro application. A list of required fields to be completed can be seen on the link below.

STEP 3: Issue the Preliminary Report for Review

Once the business entity creates the preliminary report using HRS Pro, the entity must then issue the report to the State via the upa4compliance@treas.nj.gov email address. Once received the UPA will review the report and determine if the State will be accepting the items. If the State elects to accept the tangible items, the UPA will contact the entity to schedule a time for a UPA Field Representative to visit the storage location of the abandoned property.

STEP 4: Confirmation of the Safe Deposit Box Contents

During the onsite visit the UPA Field Representative will work with an authorized representative from the holder to confirm the contents of each individual owners items. Any items deemed worthless will be verified by the UPA representative and destroyed and noted on the report. Please see the list below of items deemed to be worthless along with instructions on destruction of contents. Once listing of the contents of the box are agreed upon by the UPA field representative and an authorized representative from the holder, the holder will take this information and create a finalized report. Any cash that is collected (excluding collectable coins and bills) from SDBs will need to be held in escrow until the final report containing the cash properties is submitted to the UPA. After submitting the report through the Online Holder Reporting Application the Holder should remit these funds via the ACH payment option in the application.

STEP 5: Creating an HDE File for the Final Report Submission

Create the finalized HDE report using the HRO Pro application. The Holder should than upload the report through the UPA's Online Holder Reporting Application and send an email to their UPA Representative notifying them that this has been completed. Please see the Safe Deposit Box Procedures below to guide the holder through the reporting process.

Important Resources

Any Questions? Please email upa4compliance@treas.nj.gov


Last Updated: Friday, 09/27/19