Dormant accounts and unclaimed property pose unique, and often complicated, problems for financial institutions. 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 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 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?
- Contact information for the unclaimed property administrators in every state
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for staff involved with dormant accounts and unclaimed/abandoned property, including deposit operations personnel, safe deposit box staff, service representatives, compliance officers, auditors, and managers.
ABOUT THE PRESENTER – 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.
Originally recorded on April 4, 2018.
Recorded webinar link is available until October 31, 2018.
Free Digital Copy included with purchase to download and view beyond link expiration date.
Price includes sales tax.