Question #1: I was wondering if anyone out there separates accounts into two categories for "Inactive" and "Dormant"? And, if so, what are the time frames for classification into each of these categories?
Question #2: I was wondering if anyone out there in internal audit sends out daily confirmations on inactive and/or dormant accounts? Are confirmations sent for dormant accounts only, or are inactive accounts confirmed as well?
I know that I need to follow state guidelines on the matter of dormant accounts, however, state guidelines do not explain internal controls and the confirmation process. Therefore, that's why I am looking for some other bank input.
I also know that there is a sample dormant account audit program located in the Banker's Tools section of this site - and the program refers to both Inactive and dormant accounts, thus, another reason I am looking for some additional input on this matter.