Dormant Accounts, Unclaimed Property & Escheatment

Compliance Frontline & New Accounts Operations

On-Demand Webinar

StreamedSep 9, 2021Duration90 minutes

Unlimited and shareable access
two business days after live streaming
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

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Unique, complex, and overseen by state regulators. That’s what dormant accounts and unclaimed property are.

Every financial institution should have a rock-solid procedure for dealing with these accounts and escheatment to the state. This webinar’s scenarios that will awaken you to the attendant challenges and best practices.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Understand your institution’s responsibilities under the uniform unclaimed property laws
Determine when an account is deemed “dormant” and when it is permissible to impose dormancy fees
Distinguish between unclaimed and abandoned property and which property must be escheated to the state
Identify when an active loan relationship can keep an account from becoming dormant
Select the best alternative for escheating cashier’s checks
Determine the states in which your institution is obligated to escheat property

Listen to a clip from this webinar!

WEBINAR DETAILS

Dormant accounts and unclaimed property pose unique, and often complicated, problems for financial institutions. Procedures and practices regarding dormant accounts and unclaimed/abandoned property in safe deposit boxes have come under attack by both consumers and state agencies that are entitled to escheatment. This webinar will explain the Uniform Unclaimed Property Act and the tools needed to evaluate its procedures and practices regarding dormant accounts and unclaimed property. There will be a quick review of the basic rules before focusing on more advanced issues. 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 provided.

WHO SHOULD ATTEND?

This informative session is designed for staff involved with dormant accounts and unclaimed property, including deposit operations personnel, safe deposit box staff, account service representatives, compliance officers, auditors, and managers.

TAKE-AWAY TOOLKIT

Contact information for the unclaimed property administrators in every state
Employee training log
Interactive quiz

Attendance certificate provided to self-report CE credits.

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

Presented By

Elizabeth Fast