Menu Toggle Search

Advanced Issues in Dormant Accounts, Unclaimed Property & Escheatment

Jan 29 2:00 PM - Jan 29, 2020 3:30 PM
Jan 29, 2020 2:00 PM - 3:30 PM

Dormant accounts and unclaimed property cause unique – and often complicated – problems for financial institutions. Learn the dos and don’ts of escheatment.  

Learning Objectives

  • Understand your institution’s responsibilities under the uniform unclaimed property laws
  • Determine when an account is deemed “dormant” and when it is permissible to impose dormancy fees
  • Distinguish between unclaimed and abandoned property and which property must be escheated to the state
  • Identify when an active loan relationship can keep an account from becoming dormant 
  • Select the best alternative for escheating cashier’s checks
  • Analyze the best procedures for escheating safe deposit box contents 
  • Determine the states in which your institution is obligated to escheat property  

Procedures and practices regarding dormant accounts and unclaimed 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 that every institution needs to evaluate its practices regarding dormant accounts and unclaimed property. There will be a quick review of the basic rules before focusing on more advanced issues. 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 provided.

Agenda

Speakers

Elizabeth Fast, JD, CPA, Spencer Fane LLP 

Elizabeth Fast is a partner with Spencer Fane LLP 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.  

Location

Fees

$259.00

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • Operations
  • On-Demand Webinars
  • Compliance