RELEASE DATE: APRIL 4, 2022
DURATION: 63 minutes
Why do people abandon their accounts? – Sorry, can’t answer that fully – can’t imagine anyone taking the time to open an account and then at some point just stop using it and leave it open, with funds in it? But it happens, sometimes due to a change in employment or a move away from the area, or the account owner has died and no one has come forward for the funds. Whatever the reason, the credit union has to have policies and procedures in place to protect those funds until properly claimed, and if left unclaimed, to turn them over to a state’s Unclaimed Property Division. This webinar takes you through the processes the credit union must follow when dealing with accounts with no activity for a prolonged period of time. In this webinar we will discuss:
- The difference between dormant accounts and the escheat process
- The relevant time periods for notification and reporting for various personal property types
- What to do if someone comes forward after receiving the credit union’s or state’s notice of pending escheatment
- How to report funds held in a fiduciary, decedent or other capacity
- Who to report to if the accountholder’s address is in another state or country
- Where to find additional information and resources
Please note this education is applicable for credit unions doing business in the state of California. To learn about Dormant Accounts and Escheat Procedures for Nevada, please click here.
MEET THE PRESENTER
Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has been helping financial institutions with the development of compliance programs since 2000. She provides compliance training all over the country for various trade associations and financial institutions, and also speaks at numerous financial institution conferences throughout the country. Mary-Lou has been an instructor at regulatory compliance schools and conducts dozens of webinars for organizations throughout the country.