Escheated Transaction / Unclaimed Property

Overview

For US Customers only: after a certain period of time, US state law requires MGI to turn over funds from non-received domestic transactions to property owners before they are wired to a state; MGI will send a notification letter to the sender's last known address to inform them of their outstanding property that is about to be transferred to the state.

a. Letter will instruct them to contact MGI by a specified date to receive their funds; if the property owner does not initiate the contact before this date, MGI must escheat (transfer) funds to the state. b. State may also send a separate notification letter to a customer or they may discover that their property is listed on the Unclaimed Property state website. c. In either of these two scenarios, customer may not have an MGI-issued Reference Number nor exact transaction amount.

Process

Complete the below process to assist a customer who claims to have the unclaimed property with MGI.

1 Ask the customer if they have received a letter from MGI or state, and proceed based on their answer.

When the customer received the letter from the State: They may have found their record on the state website. a. Explain to them that MGI must comply with Unclaimed Property state laws that require funds to be transferred to the state. b. Refer them to their Unclaimed Property State Office to obtain the funds.

When the customer received the letter from MGI: Proceed to the next stage.

2 Ask the customer if they have Reference Number, try to locate the transaction in Salesforce and proceed based on the outcome.

When the Customer has Reference Number and you are able to locate the transaction, then Proceed to the next stage.

When the Customer has Reference Number and you are not able to locate the transaction, ask them to send an e-mail to mgxpress@moneygram.com, including:

• Full name,
• Phone number,
• Reference Number,
• Copy of the letter received from MGI.

When the Customer does not have Reference Number and you are able to locate the transaction, ask them to verify the sender's and receiver's names, and at least two of the below pieces of data, and proceed based on the outcome.

• Dollar amount

• Send date

• Send location (city or state for domestic transactions, and country for international transactions)

• Sender's address

• Phone number

  When the verification was Successful, proceed to the next stage. When the verification was not Successful, ask the customer to send an e-mail to mgxpress@moneygram.com, including:

  • Full name,
  • Phone number,
  • Copy of the letter received from MGI.

When the Customer does not have Reference Number and you are not able to locate the transaction, ask them to send an e-mail to mgxpress@moneygram.com, including:

• Full name,
• Phone number,
• Copy of the letter received from MGI.

3 Proceed based on the transaction status:

When the transaction status is:
a. SEN/RF6 - Complete Expired Transactions and Code 45. b. HLD - Complete Handling Transaction on Hold Call/Case. c. RF2 (receive agent number is 167656): - Inform the customer that MGI has remitted the funds to the state. - Explain they must contact their Unclaimed Property State Office to claim the funds. - Inform them it can take 90 days or longer for the state to process the unclaimed property data sent by MGI and make the money available to them; refer to d. REC/RF2 (any other receive agent number): 1. Verify the transaction; complete Expired Transactions and Code 45. 2. Advise the customer that the transaction has been received/refunded and proceed according to their query.

Consumer Is Referred Back to MGI by State

Follow the below steps in case Unclaimed Property State Office refers a property owner to MGI for additional documentation to confirm the property ownership. a. Instruct the consumer to send copies of all the gathered documents, including their direct contact information, to mgxpress@moneygram.com. b. Provide them with an estimated 2-week time-frame during which MGI will complete the case research. c. Inform they will be contacted via e-mail, mail or phone once the investigation is complete.

State Is Unable to Locate Property

Follow the below steps in case a transaction is received/refunded to the agent # 167656 - CONSUMER LIABILITY ESCHEATE (REC or RF2 status) and the customer claims they were informed that MGI remitted funds to the state, however the related Unclaimed Property State Office is unable to locate them.

1. Inform the consumer that MGI no longer holds the property.
2. Assure them that the money has been wired to the state.
3. Inform them it can potentially take 90 days or longer for the state to process the unclaimed property data sent by MGI and make the money available to them.