In this informative session, we will provide best practices for managing your unclaimed funds compliance program, including tips for dormant account due diligence. We will discuss procedures for communicating with your accountholders through multiple methods to avoid their frustration and reputational risk to your institution and provide the steps to take to ensure funds are properly escheated to your state. You will also receive tips for proactively educating your accountholders to avoid dormancy status.
In addition, you will be provided with helpful tools you can utilize to facilitate your dormant, unclaimed funds and escheatment process, including a sample policy and sample operational forms. Please note this session provide an overview of the law and general best practices for managing your institution’s dormant and escheatment processes. The material presented will not reflect any one particular state’s laws and requirements.
What You’ll Learn
- Understanding your institution’s responsibilities under the Uniform Unclaimed Property Act
- Defining key terms of dormancy, unclaimed property, abandoned property and escheatment.
- Obtaining filing information from your state
- Documenting communication efforts with dormant accountholders
- Managing your dormant/unclaimed funds compliance program to avoid or prepare for a state audit
- Reviewing fines and penalties for non-compliance
Who Should Attend
This informative session is designed for deposit operations staff, safe deposit box personnel, Compliance Officers, Internal Auditors, and anyone responsible for handling the dormant account and escheatment process.