Keane Senior Vice President Mike Ryan offered escheatment help for banks and tips for consumers to prevent their own accounts from escheating in his recent interview with American Banker Magazine. Two of Keane’s clients were also interviewed and explained how Keane services improved their customer relationships and simplified the escheatment process. Below are highlights from […]
Banking (24 articles)
Unclaimed property compliance continues to be a growing concern for banks and credit unions. In recent years, dormancy periods have become increasingly shorter, resulting in more accounts being declared dormant and escheating to the states.
The Wall Street Journal recently featured an article which provides additional insight and commentary regarding Delaware’s clarification of their unclaimed property rules. As we previously noted, Delaware clarified their position on the measures of inactivity and how account inactivity impacts the escheatment of securities properties and brokerage accounts. Keane Chief Compliance Officer, Debbie Zumoff, was […]
For credit unions, losing customers as a result of the escheatment of dormant or lost accounts is a harsh reality. And with these accounts at the center of their business, credit unions need to be aware of unclaimed property compliance and implement a process within their organization to not only retain members, but also protect […]
Arizona State Legislature recently made changes to their Unclaimed Property laws as HB 2023 was passed on April 10, 2012. This new law adds language clarifying that a certificate of deposit cannot be presumed abandoned until after the initial maturity of the CD. Presently, Arizona unclaimed property law states that “a demand, savings or time […]
The escheatment of banking property in South Dakota may increase as HB 1270 was signed into law by Governor Dennis Daugaard. The dormancy period for banking properties was reduced from five to three years, making South Dakota the 22nd state since 2007 to pass legislation reducing dormancy periods. To recap, the following types of unclaimed property […]