Dormant Accounts and Escheat Procedures for California
Event Details
RELEASE DATE: APRIL 1, 2024
DURATION: 60 MINUTES
When an account is no longer in use, there are a couple of things the credit union needs to do: 1) protect the account and the credit union by putting a dormant flag on the account so that staff is alerted to new activity, and 2) comply with the laws and regulations pertaining to escheat of unclaimed property to the state. In this webinar we examine both. What is the credit union prescribed timeframe for dormancy flags? What are the timeframes and notification requirements prior to remitting funds to the proper state? Does the credit union have the required notification in its account opening disclosures? Are there any activities that will keep funds in the account from being escheated?
This webinar is designed for those employees involved in the escheatment process, but would also benefit branch managers, frontline staff and call center personnel. Audit and compliance may find this information useful as well.
MEET THE PRESENTER
Mary-Lou Heighs founded Compliance Plus, Inc. to help credit unions with the always changing world of compliance. She joined the credit union movement in 1989 and has worked as a loan officer, marketer, collector as well as almost every position within credit unions. After working in credit unions, she transitioned to the Research and Information department for the California Credit Union League where she provided compliance assistance to all California and Nevada Credit unions. As President of Compliance Plus, Inc. Mary-Lou now provides compliance training all over the country for various Leagues and credit unions nationwide.