Unique, complex, and overseen by state regulators. That’s what dormant
accounts and unclaimed property are. Every financial institution should have
a rock-solid procedure for dealing with these accounts and escheatment to
the state. This webinar’s scenarios that will awaken you to the attendant
challenges and best practices.
- Understand your institution’s responsibilities under the uniform unclaimed property
- 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
- Select the best alternative for escheating cashier’s checks
- Determine the states in which your institution is obligated to escheat property
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 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.
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.