Safe Deposit Box Remittance

Tangible property that is held in a safe deposit box are presumed abandoned if the property remains unclaimed by the owner for more than three years after the expiration of the lease or rental period on the box. 

 

When to Report

Safe deposit box contents must be reported annually before November 1st.  Use Form Arizona 650C to report safe deposit box contents only. Submit the owner names and addresses electronically using the NAUPA approved format. 

 

How to Report

The following information should be included with each report:

  1.  Report Cover Sheet 650 C.
  2.  Electronic Report (Owners information, Tax ID, Box number, past due rent and/or drilling fees, etc).
  3.  A legible and readable copy of each inventory sheet for each box reported.

 

Safe Deposit Box Reports needs to be file separately from your cash and securities reports. 

 

Please note:

  1. DO NOT report empty boxes.
  2. Report each box only ONCE.
  3. Keep a copy of your report and inventories for your records.
  4. Regarding UNKNOWN owners: It is important to look at the contents, as they may help you identify the actual owner. Please also note that the unknowns are still reportable if there is no ID made.
  5. You should contact your law enforcement agency for confiscation of all controlled substances found in any safe keeping receptacle. Make a note on your inventory sheets explaining that the items were found, but turned over to the local law enforcement agency.
  6. Report fees or drilling costs owed on your electronic report.

 

When to Remit Safe Deposit Box Contents

DO NOT send safe deposit box contents with your report. After you remit your report, the Unclaimed Property Vault Supervisor will contact you with a report confirmation number and remittance instructions.

 

Packaging Contents

  • The contents of each safe deposit box must be placed into a container, bag or envelope that is properly sealed to prevent access to the contents. The department will accept most forms of tamper proof seals including security tape and heat sealed packages.  The contents must be mailed in a container that is separate from the sealed container, bag, or envelope holding the items. Be especially careful with fragile, heavy, or irregular shaped objects as items are tossed around during shipping and the envelopes they are sent in can be ripped or torn.
  • Each container of contents should be clearly labeled with the owners name and the box number. If you need more than one envelope for each owner, please indicate 1 of 2, 2 of 2, etc.
  • Prepare 2 copies of the inventory for each owner. Place the original inside with the contents and attach the copy to the outside of each container of contents. Each inventory sheet should include your company name, owner name, box number and description of each item of property.
  • Place envelopes in a shipping container, alphabetically by owner name. Label the outside of the shipping container  Box __ of ___.  (Box 1 of 3 Owners A-F, Box 2 of 3 Owners G-R, Box 3 of 3 Owners S-Z)
     

Delivering Contents

The department recommends that contents are delivered in person by an employee of the bank, but will accept courier delivery if indemnified by the holder.  These arrangements must be made with a safekeeping representative who can be reached by email at [email protected]

If you choose to send by courier, use an insured carrier in order to safeguard and track packages. A copy of the report you submitted in November, including Schedule A, must accompany the contents of the boxes you are remitting.  The department will verify that each set of contents received at delivery corresponds to a name on the Schedule A. The department shall notify you of any discrepancies with the report. 
 

Send contents to:
Arizona Department of Revenue
Unclaimed Property Unit
Vault Supervisor
1600 W. Monroe Division Code 10
Phoenix, AZ 85007