BS5720 - Voiding of Outstanding Checks

1. Institutional Regulations
   
   The College must report all unclaimed property, i.e., checks which are due to students, vendors, staff, which are payable to them.
    
2. Procedure
   1. The College will notify any payee if a check is outstanding for more than 90 days. The College will contact the payee by either phone or in writing. Every effort will be made to resolve the unclaimed checks or get approval to cancel payments by the payee.
   2. Stop Payments will be issued on all checks voided or replaced
   3. If the College is unable to contact the payee and is unable to resolve the outstanding check, the College will turn over to the State Treasurer of Iowa the outstanding amount. This will be done in accordance with the Great Iowa Treasure Hunt’s rules and regulations.
   4. Questions concerning financial aid payments will be addressed prior to referral to the Great Iowa Treasure Hunt.
   5. Checks which are voided for which the check itself has not been returned will be covered by a “Stop Payment” notice issued to the bank on which the check was drawn