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Unclaimed Property For Financial Institutions

Webinar: ID# 1042577
Recorded On-Demand
About This Course:
Nearly all organizations generate unclaimed property in various aspects of their everyday operations. It could be something as simple as an employee who doesn't cash a payroll check or more complex issues involving IRA accounts with an owner who's non-responsive.

Financial institutions, including banks, are unique in nature. States may require different dormancy periods and off-cycle reporting deadlines. Common property types (e.g., DDA's, Certificates of Deposit, IRAs and Safe Deposit Boxes) held by financial institutions may also come with their own special rules.

Navigating state escheat law(s) can be a challenge, and with penalties and interest assessed for non-compliance, this regulatory compliance concern must be taken seriously and addressed with best practices.

This presentation will help those responsible for unclaimed property compliance understand how to accurately comply with state law. This program also explains the consequences of non-compliance as well as ways to start reporting if your organization has never filed before. Failing to have a proper compliance program is becoming a great risk for many organizations as states are increasing audit and outreach activity.What You'll Learn:Common Bank Property Types and Reporting Rules
  • CDs
  • DDAs
  • IRAs
  • Custodian Accounts
  • Safe Deposit Boxes
Reporting Cycles/Building a Calendar
  • Off Cycle Reporting Dates
  • Due Diligence
  • California Requirements
Recent Law Changes
  • Money Orders and the Supreme Court
  • New York Decedent Confirmation Rule
First Time Reporting/Vdas
  • Informal Programs
  • Formal Programs
  • DE VDA Program
  • Increased Enforcement
  • State Audits
  • Third-Party Audits
Unclaimed Property For Financial Institutions
or via On-Demand
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