Webinar: Advanced Issues in Dormant Accounts, Unclaimed Property & Escheatment
January 4, 2023 3:00 pm - 4:30 pm
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 compliance issues.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Distinguish when an account is deemed “dormant” for dormancy fee purposes versus escheatment purposes
- Create procedures to keep accounts from becoming abandoned property that must be escheated to the state
- Identify which unclaimed and abandoned property must be escheated to the state
- Understand your institution’s responsibilities under the uniform unclaimed property laws
- Determine in which states your institution is obligated to escheat property
WEBINAR DETAILS
The financial industry’s procedures and practices regarding dormant accounts and unclaimed property have come under attack by state agencies which claim they are entitled to the escheatment of these accounts and property. Dormant accounts and unclaimed property are subject to complicated laws which can cause administrative problems for your institution. This webinar will explain the Uniform Unclaimed Property Act and the tools needed for financial institutions to evaluate their related procedures and practices. There will be a quick review of the basic rules before focusing 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, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne 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.