Tennessee

The Tennessee Uniform Disposition of Unclaimed Property Act, administered by the Tennessee Department of Treasury, governs how businesses and financial institutions (“holders”) must handle unclaimed property. From dormant accounts to uncashed checks, compliance in Tennessee demands diligent recordkeeping, timely reporting, and effective outreach.

Overview of Tennessee’s Unclaimed Property Law

Tennessee law requires holders to identify and report property that has remained unclaimed after a designated dormancy period.

Common reportable property types include:

• Checking and savings accounts
• Uncashed payroll and vendor checks
• Insurance policy benefits and annuities
• Securities and dividend proceeds
• Gift certificates and credit balances
• Safe deposit box contents

Once the dormancy period ends, holders must make good-faith efforts to locate the rightful owner before reporting the property to the Tennessee Department of Treasury.

Tennessee Dormancy Periods

Dormancy timelines vary by property type. Below are common categories:

Due Diligence Requirements in Tennessee

Before reporting, holders must make a reasonable, good-faith effort to contact the property owner to prevent unnecessary escheatment.

Key requirements include:

• Mail notice: Send by first-class mail to the owner’s last known address for property valued at $50 or more, no fewer than 60 days and no more than 180 days before the reporting deadline.
• Required language: Notices must explain the nature of the property and how the owner can reclaim it.
• Best practice: While not mandated, supplemental outreach such as email or phone can improve owner recontact rates and strengthen audit defense.

Tennessee Reporting Deadlines and Requirements

Tennessee follows an annual reporting calendar:

• Report Period: July 1 - June 30
• Report and Payment Deadline: November 1

Additional requirements:

• Format: Reports must be filed electronically using NAUPA II format.
• Submission: Via the Tennessee Unclaimed Property Reporting Portal.
• Remittance: Accepted by ACH Debit, ACH Credit, or Wire Transfer.
• Negative Reports: Encouraged but not required.

Tennessee’s Compliance Disclosure Program

Businesses that have fallen behind may use Tennessee’s Compliance Disclosure Agreement (CDA) program to report past-due property without facing penalties or interest.

Program benefits:

• Waiver of penalties and interest for voluntarily disclosed property.
• Defined historical lookback period and structured remediation timeline.
• Opportunity to resolve compliance gaps and establish a clean record.

Requirements:

• Compliance Disclosure Agreement (CDA), completed online
• Proposal of Reporting Method Worksheet, describing in detail how your unclaimed property liability will be determined
• Current written policies and procedures regarding unclaimed property

Read more on the official Tennessee Compliance Disclosure Agreement Program page.

How Eisen Helps You Stay Compliant in Tennessee

Eisen simplifies Tennessee compliance with tools and expertise designed for every phase of the escheatment lifecycle:

• Escheatment Manager – Automates dormancy tracking, flags eligible property, and generates Tennessee-compliant reports.
• Outreach Manager – Automates due diligence notices and supports supplemental outreach for higher recontact rates and better audit outcomes.
• Disbursement Manager – Manages secure, auditable payments via ACH, check, or wire to reduce reportable liabilities.
• Audit Readiness – Provides documentation, tracking, and reporting to strengthen compliance posture and support audits.

Better Outcomes with Robust Tennessee Compliance

Managing unclaimed property in Tennessee is about more than meeting deadlines, it’s an opportunity to demonstrate transparency and strengthen operational resilience. With Eisen, you can streamline compliance processes, reduce risks, and turn what once felt like a regulatory burden into a strategic advantage.

Managing obligations in multiple jurisdictions? Explore our guide to escheatment laws by state or learn more about our escheatment services.