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#989685 - 07/08/08 03:57 PM Dormant Accounts-Record Retention
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
What is the record retention period for dormant accounts?

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#989944 - 07/08/08 06:31 PM Re: Dormant Accounts-Record Retention lucyc
Sunny CU Offline
Member
Joined: Oct 2006
Posts: 58
Miami, Florida
I work for a credit union, so our requirements may be different if you work for a commercial bank. However, I do know that dorman check records must be retained permanently. Not sure if that helps you at all.

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#989980 - 07/08/08 06:46 PM Re: Dormant Accounts-Record Retention lucyc
nbk2yj2 Offline
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Joined: Aug 2006
Posts: 629
Paradise!
Section 717.1311(1) requires holders to retain records of unclaimed property for five (5) years after the
property was reportable. The Department would recommend keeping records of your compliance to the
law for ten (10) years in case of an audit.

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#990193 - 07/08/08 08:39 PM Re: Dormant Accounts-Record Retention nbk2yj2
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
Here's the hypthetical scenario

Last transaction date 7/1998
Dormant 7/1999
Written notice received from
customer. Account activated.
Last contact date updated to: 6/2002
Dormant again 6/2003

Do we project 5 years from 1999 or from 2002 in regards to reporting unclaimed? How long should we retain the written notice received from the customer?

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#990195 - 07/08/08 08:41 PM Re: Dormant Accounts-Record Retention nbk2yj2
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
Here's the hypthetical scenario

Last transaction date 7/1998
Dormant 7/1999
Written notice received from
customer. Account activated.
Last contact date updated to: 6/2002
Dormant again 6/2003

Do we project 5 years from 1999 or from 2002 in regards to reporting unclaimed? How long should we retain the written notice received from the customer?

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#990196 - 07/08/08 08:41 PM Re: Dormant Accounts-Record Retention nbk2yj2
lucyc Offline
Diamond Poster
lucyc
Joined: Jul 2007
Posts: 1,072
Here's the hypthetical scenario

Last transaction date 7/1998
Dormant 7/1999
Written notice received from
customer. Account activated.
Last contact date updated to: 6/2002
Dormant again 6/2003

Do we project 5 years from 1999 or from 2002 in regards to reporting unclaimed? How long should we retain the written notice received from the customer?

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#990452 - 07/09/08 12:20 PM Re: Dormant Accounts-Record Retention lucyc
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
Hello? Is anyone up for the challenge of answering my question?

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#990706 - 07/09/08 02:41 PM Re: Dormant Accounts-Record Retention lucyc
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,566
Galveston, TX
2002:

717.106 Bank deposits and funds in financial organizations.--

(1) Any demand, savings, or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward the purchase of shares, a mutual investment certificate, or any other interest in a banking or financial organization is presumed unclaimed unless the owner has, within 5 years:

(b) Communicated in writing or by documented telephone contact with the banking or financial organization concerning the property;
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#990795 - 07/09/08 03:17 PM Re: Dormant Accounts-Record Retention rlcarey
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
When we receive the notice in 2002 the account is removed from dormant status and placed back to active.

Are we still obligated to retain the notice for 5 years as back up documentation as to why the account was removed from dormant status?

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#991601 - 07/10/08 02:23 AM Re: Dormant Accounts-Record Retention lucyc
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,566
Galveston, TX
I'm not sure why you wouldn't? It is your only proof that the money does not now belong to the State.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#992515 - 07/10/08 06:24 PM Re: Dormant Accounts-Record Retention rlcarey
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
Thank you.

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