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Wisconsin's Credit Unions Unite for Good
Wisconsin Credit Union Foundation

Handling Dormant Accounts, Unclaimed Property & 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.

Jun 06, 2019 02:00 PM   -­­  Jun 06, 2019 03:30 PM
CT
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Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Member Services
  • Compliance

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Description

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.

Learning Objectives

  • 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?

Speaker

Elizabeth Fast, JD, CPA, Spencer Fane LLP

Investment

$259.00