Uncashed checks are a burden. We are here to help.
Every year, millions of checks go uncashed which in turn increases plan costs, complicates plan management and administration, and prevents fiduciary responsibilities from being met. We have extensive experience in check distribution, reissuing checks, tracking/reporting, and communication for audit purposes.
Lessen Liabilities & Have an Audit Trail
Uncashed checks are a liability to an organization and can increase the chance of an audit. These uncashed checks can require organizations to meet additional regulations and increases the opportunity for fraud. We document each effort to connect and communicate. A full report is provided to you in case of a DOL audit.
Improve Data Quality
Inaccurate data is a common problem. With Berwyn, you receive validated addresses, phone numbers, and documented efforts of communication to verify you have the most updated information.
Minimize Required Resources
Sending communication, managing returned mail, identifying a new address, verifying correct fund holder, and cutting the check requires significant resources. We remove that work. Taking care of every step along the way.
Berwyn streamlines the entire process for you by establishing a non-interest-bearing account to hold assets attributed to uncashed checks, conducts analysis to locate and communicate with missing owners, manage incoming inquiries, issues replacement checks, facilitates the transfer of funds, and provides a full audit report.
Minimize resources, eliminate risk and liability to your organization, and improve participant experience.