Escheatment Essentials: Managing Dormant Accounts & Unclaimed Property
State scrutiny of dormant accounts and unclaimed property is intensifying. Is your institution prepared to defend its escheatment practices and manage growing compliance risk? This webinar will address common administrative pitfalls and emerging enforcement trends and provide practical strategies to strengthen compliance and reduce risk across jurisdictions.
KEY WEBINAR TAKEAWAYS
- When is an account deemed dormant for dormancy fee purposes versus escheatment purposes?
- When must unclaimed and abandoned property be escheated to the state?
- How to keep an account from becoming abandoned property that must be escheated to the state
- States where your institution is obligated to escheat property
- Your institution’s responsibilities under the uniform unclaimed property laws
BONUS MATERIALS
- Contact information for the unclaimed property administrators in every state
- Unclaimed property questionnaire
- Sample unclaimed property policy
WEBINAR DETAILS
The procedures and practices of financial institutions related to dormant accounts and unclaimed property face increasing scrutiny from state agencies that assert entitlement to the escheatment of these accounts and assets. Dormant accounts and unclaimed property are governed by complex regulations that create significant administrative and compliance challenges for your institution. Since escheat laws vary from state to state, this webinar will not address individual state requirements. Instead, we will focus on the Uniform Unclaimed Property Act and the essential tools available for financial institutions to evaluate and strengthen their procedures and practices.
