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A Banker's Guide to Virtual Currency
Andrew Beal

April 24
BSA/AML Compliance: Writing the SAR Narrative
Ken Golliher

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HSA Basics
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Required Training for Loan Originators
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Overdraft Practices in Today's Regulatory Environment
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Reg E Claims - Allocating Liability Correctly
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#1793057 - 03/08/13 04:28 PM Escheatment
Wen Offline
New Poster

Registered: 09/29/05
Posts: 12
Does anyone have procedures for escheatment of accounts and outstanding checks? And is this strictly a backoffice function or is some of the burden to locate placed on branch personnel?

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#1795430 - 03/15/13 02:52 PM Re: Escheatment [Re: Wen]
tpowers4 Offline
100 Club

Registered: 09/13/06
Posts: 153
Loc: St. Louis
There are probably as many procedures for escheatment as there are institutions that perform the function. Some good resources in this regard are National Association of Unclaimed Property Administrators at www.naupa.org and the Uncliamed Property Professionals Organization at www.uppo.org. Also, going to each state's unclaimed property site to read their rules and regs can help to determine what you need to put in place.

At a basic level (very basic), escheatment will involve 1) identifying dormant properties, 2) attempting to locate the owners through due diligence, 3) compiling a report of properties that remain after the due diligence, 4) filing a report with the jurisdiction, and 5) retaining documentation based on the jurisdiction's requirements.

This is primarily a backoffice function, but branches do be come involved when customers respond to due diligence or when researching accounts for signature cards, dates of death, not transactional contact, etc.
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