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Dormant Accounts and the Escheatment Process: Best Practices for Overcoming Challenges

Dormant accounts often take a backseat to more pressing compliance matters until that one time a year comes when you are required to report this inactivity and transfer any assets to your state through the escheatment process. However, dormant accounts can present a significant risk to your institution and require increased monitoring and scrutiny.

OnDemand
Recorded Tuesday,
September 19th, 2023
Presented by Dawn Kincaid
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • General Compliance
  • Reporting
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • Internal Auditor

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In this informative session, we will provide best practices for managing your unclaimed funds compliance program, including tips for dormant account due diligence. We will discuss procedures for communicating with your accountholders through multiple methods to avoid their frustration and reputational risk to your institution, and provide the steps to take to ensure fund are properly escheated to your state. You will also receive tips for proactively educating your accountholders to avoid dormancy status.

In addition, you will be provided with helpful tools you can utilize to facilitate your dormant, unclaimed funds and escheatment process, including a sample policy and sample operational forms. Please note this session provide an overview of the law and general best practices for managing your institution’s dormant and escheatment processes. The material presented will not reflect any one particular state’s laws and requirements.

What You'll Learn

  • Understanding your institution’s responsibilities under the Uniform Unclaimed Property Act
  • Defining key terms of dormancy, unclaimed property, abandoned property, and escheatment
  • Obtaining filing information from your state
  • Documenting communication efforts with dormant account holders
  • Managing your dormant/unclaimed funds compliance program to avoid or prepare for a state audit
  • Reviewing fines and penalties for non-compliance

Who Should Attend

This informative session is designed for deposit operations staff, safe deposit box personnel, Compliance Officers, Internal Auditors, and anyone responsible for handling your institution’s dormant account and escheatment process.

Dawn Kincaid

Instructor Bio

Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years of experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized the implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits, and exams, and presented for numerous state associations.

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