Unclaimed Property in the Banking Industry

1.8 AAP/APRP Credits

This session will cover unclaimed property requirements for banks and credit unions. With over $1 billion in dormant or lost assets—such as savings, CDs, checking accounts, cashier's checks, and safe deposit box contents—unclaimed property remains a significant issue. Most of these assets are reportable to the owner's last known address. The rise of online banking has also led to more cross-state owner relationships. We will review:

• A sample Unclaimed Property Policy and Procedures for the Banking Industry
• Dormancy and reporting maps
• Best practices and common mistakes
• An overview of audits in the banking industry

Purchase Module