Yes, your bank is excused from sending due diligence letters for customers holding outstanding interest checks valued at less than $50.

The Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) requires property holders to send a due diligence letter only “if the value of the property is $50 or more.” This provision applies equally to checks as it does to other property types. Consequently, funds represented by a check in an amount of less than $50 should be remitted to the state, but your bank is not required to send a due diligence letter to the check’s apparent owner.

However, if a customer has multiple outstanding checks, and their aggregate value exceeds $50, your bank should proceed to send a due diligence letter, followed by reporting and remitting the funds to the state (unless the funds are claimed in response to the letter).

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-501(a) (“Subject to subsections (b) and (c), the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail . . . if: . . . (2) the value of the property is $50 or more.”)

• Illinois RUUPA,  765 ILCS 1026/15-102(24) (“‘Property’ means tangible property . . . . The term: (B) includes property referred to as or evidenced by: (i) money, virtual currency, interest, or a dividend, check, draft, deposit, or payroll card; . . .”)