9:00 am – 10:30 am HST
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 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, unclaimed property, and escheatment. 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.
Attendance certificate provided to self-report CE credits.
- What is the difference between unclaimed and abandoned property?
- What are your institution’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 borrower’s active loan relationship serve as contact 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
- NEW – Interactive quiz
|"Closing or Changing Accounts for Consumers & Businesses"
Wednesday, November 13, 2019
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, service representatives, compliance officers, auditors, attorneys, and managers.
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.