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Dormant accounts and unclaimed (abandoned) property pose unique, and often complicated, problems for banks. Bank procedures and practices regarding dormant accounts and unclaimed/abandoned property have come under attack by both consumers and state agencies that are entitled to the escheatment of this unclaimed/abandoned property.
This webinar will explain the Uniform Unclaimed Property Act and the tools every bank needs to evaluate its dormant account, escheatment, and unclaimed property practices. In addition, you will receive contact information for the unclaimed property administrators in every state. 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
What are the bank’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 customer’s active loan relationship serve as contact with the customer for a dormant account or safe deposit relationship?
What are the best procedures for escheating the contents of a safe deposit box?
TAKE-AWAY TOOLKIT
Contact information for the unclaimed property administrators in every state
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Staff involved with dormant accounts and unclaimed/abandoned property, including deposit operations personnel, safe deposit box staff, customer service representatives, compliance officers, auditors, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
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