Every year, millions of checks go uncashed, which 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.
Uncashed checks are a liability and can increase the chance of an audit. These uncashed checks can require organizations to meet additional regulations and can increase the opportunity for fraud. We document each effort to connect and communicate, providing you with a full audit-ready report.
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.
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, conducting analysis to locate and communicate with missing owners, managing incoming inquiries, issuing replacement checks, facilitating the transfer of funds, and providing a full audit report.
Minimize resources, eliminate risk and liability to your organization, and improve the participant experience.
