Dormant Bank Accounts and Unclaimed Property Compliance
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Learn the updated best practices for dealing with unclaimed property laws and due diligence requirements.Financial institutions are all too familiar with unclaimed property compliance and the challenges it presents to those who manage the process. Reporting unclaimed property annually to the states does not necessarily mean that the financial institution is in compliance. In fact, underreporting, misinterpretation of the rules of customer contact, and untimely reporting can present a great risk to the organization. An effective and efficient unclaimed property process should begin with inactive and dormant accounts to help mitigate reaching unclaimed property status. This material will examine how financial institutions can proactively utilize people, processes, and technology to streamline their unclaimed property management, mitigate undue risk, and implement best practices to create a best-in-class unclaimed property process.
AuthorsCharlotte Anderson, Transformation Keys LLC Maureen Ferrari Grollman, Dunbar Group
What Makes Unclaimed Property Compliance Challenging for Financial Institutions?
How Can a Financial Institution File Unclaimed Property Reports Every Year and Not Be in Compliance?
Why Policies and Procedures Matter
How to Be Proactive and Reduce Annual Escheatment
What It Takes to Create a Best-In-Class Unclaimed Property Program