Advanced Issues in Dormant Accounts Unclaimed Property & Escheatment 

Tuesday, April 2, 2024
11:00 am – 12:30 pm Eastern

Unique, complex, and overseen by state regulators. That’s what dormant accounts and unclaimed property are. Every financial institution should have a rock-solid procedure for dealing with these accounts and escheatment to the state. This webinar’s scenarios will awaken you to the attendant challenges and best practices.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

• Distinguish between when an account is deemed “dormant” for dormancy fee purposes versus escheatment purposes
• Create procedures to keep an account from becoming abandoned property that must be escheated to the state 
• Understand when unclaimed and abandoned property must be escheated to the state
• Explain your institution’s responsibilities under the uniform unclaimed property laws
• Determine the states in which your institution is obligated to escheat property

WEBINAR DETAILS 

Dormant accounts and unclaimed property pose unique, and often complicated, problems for financial institutions. Procedures and practices regarding dormant accounts and unclaimed/abandoned property have come under attack by state agencies which claim they are entitled to escheatment. This webinar will explain the Uniform Unclaimed Property Act and the tools needed to evaluate its procedures and practices regarding dormant accounts and unclaimed property. It will quickly review the basic laws and then focus on more advanced issues. Since escheat laws vary, this webinar will not cover state-specific escheat laws. However, you will be able to find your state-specific escheat laws by using the contact information provided. 

WHO SHOULD ATTEND? 

This informative session is designed for staff involved with dormant accounts and unclaimed property, including deposit operations personnel, safe deposit box staff, account service representatives, compliance officers, auditors, and managers.

TAKE-AWAY TOOLKIT

• Contact information for the unclaimed property administrators in every state
• 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

SPEAKER

Elizabeth Fast, JD, CPA, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Financial Education & Development

If you are having issues with registering online, please contact CBAO's Education, Training & Special Events Coordinator, Malia Widder, (614) 610-1877.