What Can You Do with Dormant Accounts?
by CUAD Communications
5/14/2019

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. 
 

Highlights include:

  • 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?

This informative session is designed for staff involved with dormant accounts and unclaimed or abandoned property, including deposit operations personnel, safe deposit box staff, service representatives, compliance officers, auditors, attorneys, and managers.

Join this 90 minute webinar, “Handling Dormant Accounts, Unclaimed Property & Escheatment” on Thursday, June 6 from 2:00 p.m. – 3:30 CT.

REGISTER HERE.

 

 

<< Go to Memo List