Best Practices in Handling Dormant Bank Accounts and the Escheatment Process
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Learn the updated best practices for dealing with unclaimed property laws and due diligence requirements.With increased state enforcement of unclaimed property laws, particularly in the banking industry, along with intensified media attention to consumer protection, and jurisdictional issues that have arisen between the states, the spotlight on unclaimed property is more intense than ever. Never before has it warranted the time and attention of executives in every organization as it does today. This topic will bring to light the current unclaimed property landscape in the banking industry and how the risk of noncompliance may be a risk not worth taking. We will also discuss best practices in creating an effective and robust due diligence and compliance program, where customer assets are protected and risk to the organization as a whole is minimized.
AuthorsMaureen Ferrari Grollman, Unclaimed Property Advocates, LLC William (B.J.) Hanson, Dunbar
Unclaimed Property Defined
• The Language of Unclaimed Property - Defining the Terms Commonly Used in the Industry
• A Discussion of Common Unclaimed Property Types in the Banking Industry and How They Can Be Considered Dormant or Inactive
Presumption of Abandonment
• When Does a Deposit Account, Uncashed Check or Certificate of Deposit Become Eligible to Be Reported to the State? What Can Preclude an Account From Being Reported as Unclaimed Property?
The Bank's Obligations
• As Custodian of the Unclaimed Property, What Must the Bank Do to Protect the Owner's Funds While Complying With Unclaimed Property Laws?
• How to Have an Effective Due Diligence Program - What Is Required vs. What Is Effective
Reporting and Remitting to the States
• Filing an Unclaimed Property Report and Remitting the Funds to the States Is Not a One Size Fits All Solution
Special Issues Related to the Banking Industry
• Account Householding/Linking Is Discussed, Along With Legislation That Could Impact the Banking Industry
• Tips and Tools for Creating an Effective Due Diligence and Unclaimed Property Annual Reporting Program - Eliminating Risk While Maintaining Positive Customer Contact
• The Current Audit Environment and State Efforts to Increase Compliance
What's on the Horizon?
• What Does the Future Hold for Banks and Unclaimed Property Enforcement? Taking a Look Into the Crystal Ball