Topic: Unclaimed Property
-
Should CDs and IRAs ever go into dormancy status?
—
by
The timing and application of your bank’s dormancy policy to certificates of deposit (CDs) and Individual Retirement Accounts (IRAs) is a decision for your institution. Of course, these types of accounts must be reported to the State Treasurer once they are deemed abandoned under the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18]. The specific…
-
We have an account that has been dormant, but the customer did express an interest in the account via phone. The customer has a disability that prevents him from providing a written signature. Do we have to report the account as unclaimed property if we cannot obtain a written signature from the customer?
—
by
Creating a memorandum and retaining it in your records will be sufficient to establish that the account is active. Specifically, we recommend documenting your interactions with the customer, including what was stated and by whom, account details, and the basis for your conclusion that the account is not inactive. The Uniform Disposition of Unclaimed Property…