Wednesday, February 24, 2021
2:00 – 3:00 pm (Eastern Time)
1:00 – 2:00 pm (Central Time)
12:00 – 1:00 pm (Mountain Time)
11:00 – 12:00 pm (Pacific Time)
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.
In this bank webinar, 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.
NOTE: The material presented will not reflect any one particular state’s laws and requirements.
- 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 accountholders
- 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 branch webinar 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 began her banking career working for a community bank, while attending The Ohio State University. She has nearly fifteen 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 Bank Operations for a central-Ohio based community bank, where she created and refined the bank’s policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. She has served in the roles of Compliance, BSA/AML, CRA, Privacy and Security Officer and led training initiatives, prepared due diligence information for and completed a variety of regulatory applications and coordinated internal and external audits and exams.
1.0 CPE Credits