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.
- What is the difference between unclaimed and abandoned
- What are your institution’s responsibilities under the Uniform
Unclaimed Property Act?
- What is considered a dormant account?
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?
are the best procedures for escheating the contents of a safe deposit box?
Elizabeth Fast, JD, CPA, Spencer Fane LLP