Frequently Asked Questions
What is Unclaimed Property?
Each state has unclaimed property laws that require money, property and other assets to be considered abandoned after a period of inactivity, usually ranging from one to five years. During this abandonment period, Phillips 66 must make a concerted effort to seek out and return property to the rightful owners. Issuance of due diligence letters is a part of this effort. If these efforts are unsuccessful, the property is turned over to the state's unclaimed property unit, where the search is continued.
Phillips 66 is required by law to remit property to the state of the last known address for the property owner. Examples of unclaimed property include uncashed checks to vendors, payments to royalty/land owners, employee wages and overpayments from credit card holders.
Why did I receive a due diligence letter?
Phillips 66 is required by statute to attempt contact with any person or company to whom our records indicate property is due. Recipients of the letter are encouraged to review their files and take one of the following actions:
- If the money is due, claim the money by completing the form and returning it to Phillips 66.
- If the money is not due, return the form with a note that the item is not due.
If the form is not returned to Phillips 66, the money will be paid to the state of the last known address.
What type of properties might be due?
Most of the unclaimed property held by Phillips 66 consists of uncashed checks. However, unclaimed property can include dividends, credit balances and, although rare, tangible property.
There is a property type code located in the upper right corner of the letter.
The most common codes for Phillips 66 are:
AP = Accounts Payable
AR = Accounts Receivable
OG = Oil and Gas Royalties
PR = Payroll
RC = Retail Credit
Why do you require personal information?
For audit purposes, we must be able to show we took appropriate action to return the property to the correct person or entity. A form of government-issued identification is required (ex. Social Security Number, Copy of Driver's License OR Passport). The letter requests an updated address.
May I claim the property without providing a social security number?
Yes. Only ONE form of government-issued identification is required. You may provide a copy of your driver's license or passport if you do not want to provide your social security number.
How do I know this is not a scam?
We encourage owners to be careful with their identity. A link to a sample due diligence letter and notice of uncashed check, is provided on this page. You may visit the site to verify that the letter you received uses the same template. Contact information is included on the letter if you have questions about your specific property.
How long does it take to receive a reissued check?
The length of time to process a claim form varies based on the volume we receive. In general, you should expect to receive a reissued check within 4 to 6 weeks from the date we receive your form.