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#1991698 - 01/28/15 03:56 PM Dormant Accounts
Diana Timberlake Offline
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Diana Timberlake
Joined: Apr 2002
Posts: 118
Just trying to find out if there are any bank's out there that do not require the customer to sign some sort of form requesting that their account be removed from the dormant status and then in addition to that, make a customer initiated transaction. I am not referring to Escheatment, just dormant.

I know that state dormancy laws very; I am in Indiana

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#1991718 - 01/28/15 04:30 PM Re: Dormant Accounts Diana Timberlake
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
To reactivate a dormant account, we do require written confirmation from the depositor. However, we do not require a transaction, since many of these accounts are certificates and wouldn't be used for regular transactions anyway.

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#1991719 - 01/28/15 04:31 PM Re: Dormant Accounts Diana Timberlake
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
For the Indiana rules - see this - Section 20:

http://www.in.gov/legislative/ic/2010/title32/ar34/ch1.pdf

I'm not sure why you would require a customer to do more than what the law says to reset the clock for escheatment.

When or how a bank determines an account dormant for internal control purposes is really up to the bank.
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#1995929 - 02/13/15 04:15 PM Re: Dormant Accounts Diana Timberlake
auditor42 Offline
Junior Member
Joined: Jul 2013
Posts: 30
I need rules for Mississippi! Can't find what I am looking for. Our system currently automatically puts an account in Dormant status if there are no PAPER withdrawals or deposits in a 2 year period. Some of the accounts that go dormant have automatic transfers set up. Does anyone else have this issue. To me that would be activity but our system doesn't seem to count that.

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#1995979 - 02/13/15 05:22 PM Re: Dormant Accounts Diana Timberlake
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
http://naupa.org/

It would be very unusual for an automatic transfer to be considered client initiated activity, other than the very first transaction. Clarification of what your state considered client initiated activity will most likely be found in your state's abandoned property laws. The link above can help you locate the laws that apply to your state.

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#1996061 - 02/13/15 07:27 PM Re: Dormant Accounts Diana Timberlake
auditor42 Offline
Junior Member
Joined: Jul 2013
Posts: 30
Thank you!

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