Release date: June 22, 2020
Duration: 65 minutes
Credit Unions often ask what they need to do about accounts with no activity. The answer is – a lot of things, depending on the length of inactivity, the type of account, and the last known address of the accountholder. Each credit union must decide when it considers an account to be “dormant” and what steps it should take to protect the account, verses knowing when state laws require that funds remaining in accounts, payable on checks, employee payments and more need to be turned over to the state for safe-keeping (escheat or unclaimed property reporting).
This session focuses on the requirements of Nevada laws and regulations. In it we will also answer questions such as:
- Are there any special requirements for closing inactive credit cards or debit cards?
- What types of activity would eliminate the need to escheat funds to the state?
- Is it a requirement to put freezes on accounts with no activity after 3 or 6 months or longer?
- How do I go about reporting accounts to the state? And when?
- If funds have been turned over to the state can the accountholder get them back?
Who Should Attend?
- Member Service
- New Accounts
- Branch Manager
- Call Center
Mary-Lou Heighes, President, Compliance Plus, Inc.
Mary-Lou started her financial institution-related career in 1989, working in the areas of lending, marketing, collections, and a LOT of “other duties as assigned” in many areas of operations. After 5 years she transitioned to a compliance role at a state trade association providing answers on the compliance hotline, writing articles on changing regulations and providing assistance to state and federal governmental affairs departments regarding proposed laws and regulations affecting financial institution operations.
In 2000 she founded Compliance Plus, Inc. to provide more direct assistance to financial institutions struggling with day-to-day compliance challenges. In this capacity she uses her 25 years’ compliance knowledge to provide phone and e-mail support to retainer clients, in-house consulting and training, and website and marketing compliance reviews. She also speaks around the country on compliance issues for various state trade associations, at industry conferences, and of course webinars.