Handling Dormant Accounts, Unclaimed Property & Escheatment
Wednesday, September 28, 2016
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Dormant accounts and unclaimed (abandoned) property pose unique, and often complicated, problems for banks. Bank procedures and practices regarding dormant accounts and unclaimed/abandoned property have come under attack by both consumers and state agencies that are entitled to the escheatment of this unclaimed/abandoned property.
This webinar will explain the Uniform Unclaimed Property Act and the tools every bank needs to evaluate its dormant account, escheatment, and unclaimed property practices. In addition, you will receive contact information for the unclaimed property administrators in every state. Since escheat laws vary, this webinar will not cover state-specific escheat laws. However, you will be able to find your state-specific escheat laws by using the contact information in the handout.
Continuing Education: Attendance verification for CE credits upon request
- What are the bank’s responsibilities under the Uniform Unclaimed Property Act?
- What is considered a dormant account?
- When is it permissible to impose dormant account fees?
- What notice must be given to the accountholder?
- Can a customer’s active loan relationship serve as contact with the customer for a dormant account or safe deposit relationship?
- What are the best procedures for escheating the contents of a safe deposit box?
- TAKE-AWAY TOOLKIT
- Contact information for the unclaimed property administrators in every state
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for staff involved with dormant accounts and unclaimed/abandoned property, including deposit operations personnel, safe deposit box staff, customer service representatives, compliance officers, auditors, and managers.
PLEASE NOTE: Webinar content is subject to copyright and intended for your individual financial institution’s use only.