Best Practices In Handling Dormant Bank Accounts And The Escheatment Process

Webinar: ID# 1021677
Recorded CD
About This Course:
Many states are updating their state regulations and/or changing their unclaimed property statutes that will impact the tracking of dormant accounts and reporting requirements in the financial services area.

Properly tracking and confirming customer-generated activity vs. identifying an account as dormant based on previous banking practices is just one of the areas that state auditors and their contractors are carefully reviewing during an audit.

This webinar will provide an overview of the unclaimed property laws, due diligence requirements, recent statutory changes and suggested best practices to ensure compliance with the various state unclaimed property laws.

  • Fast Facts on Unclaimed Property
  • Relevant Property Types in the Banking Area
  • Rules of Jurisdiction
  • State/Holder Requirements
  • Recent State Developments
  • Defining Dormancy vs. Inactivity
  • Avoiding Missteps Regarding Fees and Other Service Charges
  • State Enforcement Update
  • The 2015 Hot Topics: CDs and IRAs
  • Fines and Penalties
  • Best Practices
About The Presenter

Maureen Ferrari
  • Vice president of reporting, Keane
  • Brings 22 years of experience in unclaimed property to Keane where she serves as vice president of reporting for Keane’s outsourced unclaimed property reporting; servicing more than 5,000 reporting entities in the banking, brokerage, mutual fund, transfer agent and insurance industries
  • Her expertise in unclaimed property encompasses reporting, claims processing, customer service and call center operations, newspaper advertising and media relations
  • As the former assistant director and chief of staff for the Pennsylvania Treasury Department’s Bureau of Unclaimed Property, she oversaw 88 employees in three locations and was responsible for education and compliance through business-to-business marketing, seminars and webinars, as well as audits and voluntary compliance efforts
  • Held several other positions with the Pennsylvania Treasury’s Bureau of Unclaimed Property including division manager for claims, manager of public relations and claims, and manager of customer service and public outreach
  • Speaks frequently on the national level about unclaimed property reporting and best practices
  • B.A. degree in political science and post baccalaureate diploma in marketing communications, Elizabethtown College
Best Practices In Handling Dormant Bank Accounts And The Escheatment Process
Available on CD format
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