Unclaimed Property & Escheatment Services

PAR/WACHA and Georgeson have created a partnership to bring escheatment solutions to your bank or credit union at competitive pricing.

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Why Be Concerned About Unclaimed Property and Escheatment?

Nearly 70% of financial institutions are not fully compliant with Unclaimed Property laws—audits have increased dramatically and financial institutions are at a greater risk of fines and penalties.

Banking assets are the number one remitted property type in most states. Not only does this deplete the assets under your management, ever-changing unclaimed property laws also leave banks and credit unions at risk of non-compliance, which can result in significant fines and penalties.

With PAR/WACHA by your side, we can help you retain assets and reduce your risk of non-compliance.

Escheatment for the State of Wisconsin in 2018

Banking Properties: AC01, AC02, AC03, SD01 and CK01, all 5 year dormancy

Due Diligence Requirements: $50.00 or more, and mailed no more than 120 days prior to 11/1. Mail to “good” addresses only.

Cut-off date: June 30, 2018
Due date: November 1, 2018
Safe deposit contents: by December 1, 2018
(complete safe deposit form UCP-120)

Electronic reporting: All holders must file electronically.

Contact in Wisconsin: Wisconsin is one of the few remaining states that considers the non-return of statements as activity.

Reciprocal reporting: Wisconsin prefers you report property to the state of the owner’s last known address. They will accept incidental property (less than ten accounts) for all states, but you must get approval from Wisconsin for most states. You must also abide by the other states’ dormancy, due diligence and property type codes.

Negative reporting: Wisconsin requires banks and credit unions to file negative reports even if no unclaimed property is reported.

 Click here for a printable version of "Wisconsin 2018 Escheatment ."

The Illinois Revised Uniform Unclaimed Property Act (Article 15) takes effect on January 1, 2018.

Some of the key changes that are part of the new Illinois law include:

  • Lowered the dormancy period from 5 to 3 years for deposit accounts
  • Mandatory due diligence window is now not more than 1 year or less than 60 days prior to filing the report
  • New notice header language required on due diligence letters
  • Introduction of electronic outreach provisions
  • Added multiple provisions for deceased owners, for example if known deceased, dormancy is two years for some property types
  • Added new provisions for other tax deferred accounts (including HSA) and custodial accounts for minors
  • Certified mail required for securities valued at $1,000 and higher
  • Elimination of the business to business exemption

 Click here to read the full Revised Uniform Unclaimed Property Act (765 ILCS 1026/).


PAR/WACHA Unclaimed Property Compliance Services, Training & Tools

PAR/WACHA connects you with escheatment experts.

Georgeson’s Unclaimed Property Compliance Services can manage the entire unclaimed property life-cycle, relieving your organization of these complex, resource-intensive tasks and allowing you to focus on your core business priorities. Starting with identifying the unclaimed assets on your records, Georgeson conducts due diligence requirements and develops and executes outreach campaigns to find lost and dormant owners.

Georgeson’s knowledgeable professionals also assist organizations with the complex escheatment process, providing jurisdictional knowledge and monitoring legislative and other changes impacting escheatment. Their experts are well-versed in the various state criteria for identifying and reporting unclaimed property, as well as the differing industry-specific requirements and rules for submission and formatting of reports. Georgeson works with clients to document and support all due diligence efforts, prepare filings in each state-mandated format, maintain copies of all reports and supporting documentation, and protect funds until they are reported and transferred to the state.

Services

Unclaimed Property Analysis

  • Policy & Procedure Review – ensure your procedures are consistent with state laws
  • Unclaimed Property Reports Review – review of previous unclaimed property reports to identify errors and provide best practice guidelines
  • Dormant Account Analysis – analysis of dormant accounts (Savings, Checking, Checks, and Cds) to identify any liability

Unclaimed Property Policy and Procedure Guidelines

  • Unclaimed property policy and procedure templates that can be customized for your organization
  • Bi-annual updates to ensure compliance with changing industry standards

Owner Location Services

  • Georgeson’s highly skilled research team will locate lost or dormant owners, identifying the accurate addresses or heirs, and assist in reactivating these accounts.

Annual Unclaimed Property Reporting: A full suite of unclaimed property reporting services, including:

  • Determining the eligibility for escheatment
  • Mailing of due diligence letters
  • Filing reports with all 50 states and US territories

Training and Webinars

  • Onsite training and support -Georgeson can come onsite and train your staff on unclaimed property.
  • Webinars –At least twice a year, Georgeson have webinars providing updates and education on unclaimed property within the banking industry.

Free Downloads

Tips for managing unclaimed property compliance for your bank

Each year, millions of dollars in banking and credit union assets are escheated in the U.S. This can result in a decreased asset base, a loss of customers and goodwill, and potential fines, penalties, and audits for non-compliance with the myriad of unclaimed property laws and requirements.

Learn about the most common reasons assets can become classified as dormant or abandoned, the costs and risks of non-compliance, and how to stop escheatment before it happens. Click on the links below to access the bank and credit union versions.

Don't wait for that audit letter! Click the download links for more information.

 Whitepaper: “Unclaimed Property in the Banking Industry”

 Whitepaper: "Unclaimed Property Compliance in the Credit Union Industry"

Here are three more free downloads to provide additional information!

 Map: Bank Dormancy Periods for Savings & Checking Accounts

 Map: Bank Dormancy Periods for Payroll & Wages

 Map: Bank Reporting Dates for Unclaimed Property


Contact

Phone: (262) 345-1245
Toll Free: (800) 453-1843
Emailcompliance@wacha.org