Revenue Management Clerks refund unclaimed money
Escheatment is the process by which unclaimed assets are turned over to the state. Most people, even our own employees, are not aware of the fact that ComEd has an Escheatment process that is handled by the clerks in our Revenue Management Department. The Financial Business Clerk 2s go through a process of attempting to ensure that both commercial and residential customers who have unclaimed money on record with the company receive the money that is due to them.
The money may be an unclaimed deposit or a refund check for a credit balance on a closed account that was never cashed. Twice each year, the Clerks in Revenue Management spend days going through nearly a thousand accounts, reinstating, researching, and updating account information for customers in their attempts to refund hundreds of thousands of dollars. The refund amounts vary drastically and can range from $20.00 to an excess of $30,000.00 each. The entire process typically takes the clerks 2-3 weeks to complete. Our clerks perform this process bi-annually in their attempts to ensure customers receive money due to them and to prevent customer money from going to the state as unclaimed property.