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Best Practices In Handling Dormant Bank Accounts And The Escheatment Process

Webinar: ID# 1024054
Recorded CD
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About This Course:
With increased state enforcement of unclaimed property laws, particularly in the banking industry, along with intensified media attention to consumer protection, and jurisdictional issues that have arisen between the states, the spotlight on unclaimed property is more intense than ever. Never before has it warranted the time and attention of executives in every organization as it does today.

This webinar will bring to light the current unclaimed property landscape in the banking industry and how the risk of noncompliance may be a risk not worth taking. We will also discuss best practices in creating an effective and robust due diligence and compliance program, where customer assets are protected and risk to the organization as a whole is minimized.

Agenda

Unclaimed Property Defined
  • The Language of Unclaimed Property - Defining the Terms Commonly Used in the Industry
Property Types
  • A Discussion of Common Unclaimed Property Types in the Banking Industry and How They Can Be Considered Dormant or Inactive
The Rules of Jurisdiction
  • Once an Account Qualifies as Unclaimed Property, Where Does It Go? Determining Which State Receives the Property and What to Do If There the Owner's Name Is Not Registered
Determining Eligibility
  • When Does a Deposit Account, Uncashed Check or Certificate of Deposit Become Eligible to Be Reported to the State? What Can Preclude an Account From Being Reported as Unclaimed Property?
The Bank's Obligations
  • As Custodian of the Unclaimed Property, What Must the Bank Do to Protect the Owner's Funds While Complying With Unclaimed Property Laws?
Due Diligence
  • How to Have an Effective Due Diligence Program - What Is Required vs. What Is Effective
Reporting and Remitting to the States
  • Filing an Unclaimed Property Report and Remitting the Funds to the States Is Not a One Size Fits All Solution
Special Issues Related to the Banking Industry
  • Account Householding/Linking Is Discussed, Along With Legislation That Could Impact the Banking Industry
Best Practices
  • Tips and Tools for Creating an Effective Due Diligence and Unclaimed Property Annual Reporting Program - Eliminating Risk While Maintaining Positive Customer Contact
State Enforcement
  • The Current Audit Environment and State Efforts to Increase Compliance
What's on the Horizon?
  • What Does the Future Hold for Banks and Unclaimed Property Enforcement? Taking a Look Into the Crystal Ball
About The Presenter

Maureen Ferrari Grollman
  • Managing Partner at UP Advocates (Unclaimed Property Advocates, LLC)
  • Leads the UP Advocates annual reporting and advisory services initiatives, tailoring clients’ policies and procedures to specific compliance needs, offering risk assessments to evaluate potential unclaimed property liabilities, or providing a fully outsourced annual reporting solution
  • Joined UP Advocates from a leading national consulting firm where she was managing director of Unclaimed Property Reporting, and previously VP-Operations; in these roles she managed a 20 person staff servicing more than 350 reporting clients; clients served came from industries including manufacturing, financial institutions, life insurance, utilities, oil and gas, transfer agents, broker dealers and mutual funds
  • Started her unclaimed property career at the Pennsylvania Treasury, Bureau of Unclaimed Property, where among other duties she managed the State’s voluntary disclosure program (VDA), counseling and assisting companies with Pennsylvania’s statutory compliance obligations
  • Member of the Unclaimed Property Professionals Organization (UPPO)
  • Frequently speaks at national conferences on the topic of unclaimed property compliance
  • Post-Baccalaureate diploma marketing communications and B.A. degree, political science, Elizabethtown College
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Best Practices In Handling Dormant Bank Accounts And The Escheatment Process
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