Dormant Accounts & the Unclaimed Funds Process: Best Practices for Overcoming Challenges

Dormant accounts often take a backseat to more pressing compliance matters – until it’s time for the annual report when you are required to detail this inactivity and transfer any assets to your state via escheatment. This informative session will provide best practices for managing your unclaimed funds compliance program, including tips for dormant account due diligence. It will address multiple methods for communicating with accountholders to avoid their frustration and your reputational risk, plus provide steps to ensure funds are properly escheated to the state. It will also cover tips for proactively educating accountholders to avoid dormancy status. Helpful tools will be provided to facilitate your dormant, unclaimed funds, and escheatment processes, including a sample policy and sample operational forms.

(Please note: This session will provide an overview of the law and general best practices for managing dormant accounts and escheatment processes, but it will not reflect individual states’ laws and requirements.)

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