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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 on Thursday, April 5, from 3:00 p.m. to 4:30 p.m., 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.
For those participating in this webinar, you can expect to learn about:
- 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?
After participating in this webinar, attendees will receive: Contact information for the unclaimed property administrators in every state; employee training log; and a quiz you can administer to measure staff learning and a separate answer key.
This webinar is offered through the League's partnership with the CU Webinar Network. For more information or to register, please click here.