Banks and credit unions are heavily impacted by state unclaimed property laws.
Savings and checking accounts, CDs, safe deposit contents and uncashed official bank checks are among the most common forms of unclaimed property. All financial institutions have a legal obligation to track owner activity (or lack thereof), attempt to locate the owners of abandoned assets and reestablish contact, and report/ remit the assets if the owner cannot be located.
Financial organizations experience added complexities from losing assets under management when accounts are closed due to escheatment. The mandated due diligence requirements — which, depending on the state, may include first class postage, certified mail and advertising — are growing more costly every year. These requirements do not address accounts that are coded as lost or if the owner is deceased. Implementing an owner location program will assist in locating new addresses and beneficiaries of deceased owners.
Join this webinar to learn:
• Legal and reputational risks associated with unclaimed property
• How other industries utilize location services to retain assets and reduce escheatment
• What the states consider owner activity, including linkage
• Obtain updates on pending litigation and proposed law changes
Wednesday March 13, 2:00 - 3:00PM ET
Mike Ryan, Senior Vice President, Business Development - Georgeson
Pamela Wentz, National Practice Lead, Unclaimed Property Consulting - Georgeson
Dana Terry, Unclaimed Property Consulting Director - Georgeson
CPE credit is available for this webinar.