Quote:
Originally Posted by kristin
I don't know many programs that wouldn't reissue - the problem is the company has to pay a stop payment which is passed onto the affiliate unless the checks are returned. Seems like it's all worked out ...
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If the check is stale, no bank will cash, so sometimes companies don't worry about stop payment. Also, it costs at least $25 for stop payment, even for huge companies. They hope you forget the check and hope the state never learns they haven't escheated the money. That's why most gift cards are issued from Arizona. AZ law allows the issuing company to keep the money after a few years.
Reason I know, I worked for a Fortune 750 company that had a problem of 3000 stale payroll checks, totaling over $500,000., for a company they bought out. My job was research these before having to escheat them to the states. Some had been paid, but many had to be escheated.
As I said, states take this seriously. New York state alone has over $24 Billion in unclaimed property. Their daily take on the interest is in the 10's of millions.
As we have seen here, businesses in the porn industry don't always follow the law. I'm shocked.