Dormant Accounts, Unclaimed Property & Escheatment
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- Take-away toolkit
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Unique, complex, and overseen by state regulators. That’s what dormant accounts and unclaimed property are.
- 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!
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.
- Contact information for the unclaimed property administrators in every state
- Employee training log
- Interactive quiz