Advanced Issues in Dormant Accounts, Unclaimed Property & Escheatment

Compliance Frontline & New Accounts IRA & HSA Operations Deposit Account Compliance

On-Demand Webinar:

StreamedApr 2, 2024Duration90 minutes

Unlimited & shareable access starting two business days after live stream
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 will awaken you to the attendant challenges and best practices.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Distinguish between when an account is deemed “dormant” for dormancy fee purposes versus escheatment purposes
Create procedures to keep an account from becoming abandoned property that must be escheated to the state
Understand when unclaimed and abandoned property must be escheated to the state
Explain your institution’s responsibilities under the uniform unclaimed property laws
Determine the states in which your institution is obligated to escheat property

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 have come under attack by state agencies which claim they 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. It will quickly review the basic laws and then focus 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
PDF of slides and speaker’s contact info for follow-up questions
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 institution is prohibited. Print materials may be copied for eligible participants only.

TESTIMONIALS

"Elizabeth speaks with knowledge and in an engaging manner."

- Michelle, Homebase Federal Credit Union

"The presenter explained everything in great detail. After the webinar I felt validated in all the practices we currently do, and I personally haven't had to escheat a safe deposit box yet, but after this webinar I feel prepared to do so. The information about the inventory sheet was very informative and helpful."

- Theresa, ELGA Credit Union