State escheat or unclaimed property laws require financial
institutions to monitor dormant accounts, administer these
accounts as unclaimed property, and remit such funds to the
appropriate state authority. However, the lack of automated
tracking within core processing systems makes it challenging for
financial institutions to comply with these requirements without
an extensive amount of manual effort. As a result, many have
insufficient controls in place or simply do not track
these accounts, both of which result in a compliance
violation.
ELIMINATE HOURS OF MANUAL RESEARCH EACH MONTH
The Centrix Escheatment Tracking System (CentrixETS™) simplifies compliance
with escheat or unclaimed property laws by automating the
gathering and analysis of data, identifying suspect accounts,
monitoring related accounts and tracking attempts to contact the
customer. In the end, many hours of manual research are
eliminated and consistent rules are in place to manage this
process.
System Features:
- Automatically identify suspect dormant and
escheatable accounts for all deposit account types (DDA,
Savings, COD’s & IRA’s)
- Automatically monitor related customer accounts
for transaction activity, thus eliminating hours of continual
research
- Automatically monitor account file
maintenance for customer initiated activity on both the dormant
account as well as related customer accounts
- Contact notes document action taken on
suspect accounts (i.e. letters sent)
- Creates customer letters as defined by the
financial institution
- IRA escheatment dates are projected based on
the mandatory distribution date
- More than 15 reports provide comprehensive
management of these accounts
System Benefits:
- Centralized system for all escheatment efforts.
Eliminates disparate spreadsheets or other documents
- Eliminate the labor cost associated with
manually reviewing account file maintenance reports and
transaction journals
- Consistent governance to comply with the
state regulation
- Transaction monitor to identify accounts that
may have internal fraud occurring
- Comprehensive reporting to document
compliance
To discuss CentrixSECURE in more detail or
receive additional information, contact us via email at info@centrixsolutions.com
or call 402.488.3990.
