Dormant accounts can present a significant risk to your institution and require increased monitoring and scrutiny. The annual escheatment process requires diligence and accuracy. It’s imperative that you understand your institution’s responsibilities under the Uniform Unclaimed Property Act and act accordingly. Dormant accounts often take a backseat to more pressing compliance matters – until it’s time for the annual report when you are required to detail this inactivity and transfer any assets to your state via escheatment. This informative session will provide best practices for managing your unclaimed funds compliance program, including tips for dormant account due diligence. It will address multiple methods for communicating with accountholders to avoid their frustration and your reputational risk, plus provide steps to ensure funds are properly escheated to the state. It will also cover tips for proactively educating accountholders to avoid dormancy status. Helpful tools will be provided to facilitate your dormant, unclaimed funds, and escheatment processes, including a sample policy and sample operational forms. Join this fact-filled webinar to learn more and receive sample forms to aid in the process.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Define key terms of dormancy, unclaimed property, abandoned property, and escheatment
- Obtain filing information from your state
- Document communication efforts with dormant accountholders
- Manage your dormant/unclaimed funds compliance program to avoid or prepare for a state audit
- Review fines and penalties for noncompliance
(Please note: This session will provide an overview of the law and general best practices for managing dormant accounts and escheatment processes, but it will not reflect individual states’ laws and requirements.)
TAKE-AWAY TOOLKIT
- Sample dormant policy and procedures
- Sample dormant account maintenance form
- Sample dormancy account letter
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
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 dormant accounts and escheatment.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
MEET THE PRESENTER
Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has over 20 years’ 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 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.
THREE REGISTRATION OPTIONS – WHAT YOU GET
1. LIVE WEBINAR 2. ON-DEMAND WEBINAR 3. BUNDLE & SAVE
- Unlimited live connections with shareable access within your institution
- Available to view on desktop, mobile & tablet devices
- Take-away toolkit
- Live Q&A session & the presenter's contact info for follow-up questions
- Access the webinar training from your User Portal
- Unlimited and shareable access to the recording within your institution, starting two business days after the live date
- Available to view 24/7 on desktop, mobile & tablet devices
- Take-away toolkit
- Ability to download the webinar video and toolkit items
- Presenter's contact info for follow-up questions
- Access the webinar training from your User Portal
- Save when you Bundle the Live + On-Demand Webinar Registration
- Includes all the items listed above
- Full registration descriptions can be found here
